I'm all for people spending money in the way they want to... but I think people that buy little bits of virtual powerups and collectables for a mobile game lean closer to "addiction" than "gameplay" or "enjoyment."
A console is a physical device that you can play tons of games on. An IAP, even a collection of $100s is just not the same.
I used to have friends that would spend $100s of dollars on those mobile games. They don't play them at all anymore. So what was the point? They spent $100 to get to the next $100 barrier to spend another $100? And then they quit?
Again, I'm all for people doing whatever they want and think any regulation would cause casualties but I will always say a game designed in such a way where you either have to "grind 8 hours on monster energy" or "buy your way up" is just a predatory and ridiculous "game" right out of the gate.