Even with the issues it has (inconsistent writing quality and character development especially for the female characters, the game being designed to delay progression as much as possible, stingy gacha and stingy rewards), Genshin has a ton of merits and strengths that still help it rank above a lot of games.
The revenue is boosted by the lack of primos and the need to have constellations to get the most of your characters, but I think that the actual quality aspects of the game (event variety, huge world, fun exploration and puzzles, battle mechanics) incentivize people to spend just as much as the gacha.
I've spent on gacha games (I'm a low spender and usually only roll for characters I like so I can hold off often) but I feel that Genshin is the only game that shows where my money is going as I see the game develop.
This game is going to be nightmare if there ever is a true competitive mode, might be even worse than Granblue "Guild Wars and Powercreep" Fantasy.