Genshin is actually the game that convinced me that true gacha games (as opposed to single player games that just mimic some of their mechanics or aesthetics) can't be done well. It's not just a matter of drop rates, but also how it distorts things like progression and narrative while decoupling play progress with character growth.
A big example of this, in both FGO and Genshin is the way accessing new skills and effects, rather than just certain numerical bonuses, is largely dependent on pulling duplicates. This can result in, relatively, stagnant gameplay because your access to new abilities doesn't expand the way it's supposed to as you progress through the game, so clearing the first dungeon can look a lot like clearing the 10th, just with slightly different enemies and bigger numbers. It can also result in an opposite problem, where you gain access to a particularly strong character or mechanic early on, due to luck or monetary investment, and that trivializes things.
Overall, good drop rates or not, I'd rather just pay for a game up front and, possibly, the occasional expansion and get an experience with more intentional pacing and fewer perverse incentives for the devs.