I think the main difference is digital vs physical goods. I know it's minor since a card is just a cheap piece of cardboard, but it's still something tangible (unless the game cosmetics also include a physical item, in which case...I'm dumb).

When WotC first offered digital cards, they had a system whereby you could redeem a complete set for its physical equivalent. At the time this helped convince naysayers they weren’t giving money for nothing. Twenty years later, with their latest online offerings, nobody really cares. I’ve certainly spent more money and had more fun with online Magic, and when I wanted to build my own cube I just got proxies printed anyway. I think the “collectible” part fell away a long time ago and now you’re happy just paying for an experience.

If something isn't digital today it isn't as real.

A physical photo in my hand is sooo limited compared to the same photo in my hand via the screen on my smartphone. Same with a DVD or CD or Disc - all antiquated tech.