Sunk cost fallacy/gambler's fallacy. I sometimes think there should be critical thinking classes all throughout school, kindergarten up to graduation.
We are capable of rational thought, but we are also capable of rationalizing ways around rational thought. This is the default manner of thinking, that a slot machine that hasn't hit is 'due', that a die that hasn't come up 6 in 100 rolls is more likely to come up 6 in the next roll.
These 'brain bugs' are well known, so why aren't we telling children about them so they can avoid developing bad thinking patterns around them? We tell kids not to take candy from strangers because we know kids like candy, and strangers can be dangerous. Why don't we tell kids why they shouldn't throw good money after bad?
The whole microtransaction thing has also been all twisted up into the 'entitled gamer' meme that the game industry has been cultivating for years. "We need microtransactions because the price of games isn't going up, and we gotta pay for that development somehow! Do you want to pay 200 dollars for games or do you want games with lootboxes?"
They make it a political thing. And they're taking advantage of another aspect of the sunk cost fallacy. The people who have already bought into the system can't say it's bad, otherwise they have to admit they got cheated. So they jump on the 'entitled gamer' bandwagon and parrot the industry's lines. Like with politics, a huge diversity of opinions on a huge diversity of issues gets boiled down into two camps, and you've gotta always be on your team's side, even on the issues you disagree on, because that's what the people on the other team are doing! We must present a united front!
That's not the truth of course, but it's hard not to get sucked into it. A lot of it boils down to people not wanting to face the possibility that maybe they were operating under a mistaken assumption. As long as that keeps happening, companies, political parties, and anyone else who stands to gain from people acting against their own best interests will keep taking advantage of it. Society moralizes being right and wrong, rather than the process by which the decision was made. Someone who guesses right based on ridiculous assumptions is more valued than someone who makes the wrong decision based on a perfectly logical thought process because they were given bad information.
Logic says a coin has a 50/50 chance to land heads or tails, regardless of previous results. Instinct says a coin that came up tails 10 times in a row is unlikely to come up tails again. But society says "trust your instincts". We elect people who make confident choices, not people who carefully deliberate based on known information, and even worse, upon receiving new information sometimes choose differently!
Of course the confident guessers are wrong more often, but they can always find someone to blame. The rules of logic don't suddenly change because it's convenient, but there are no rules of instinct.
Sorry this turned into a huge rant... I feel for whoever posted this story originally. Hopefully the application of this extremely expensive lesson will be worthwhile over the course of this guy's life.