The best bumper sticker I ever saw said... "Think before you act, it's not illegal yet."
I'm glad somebody has taken notice, I think they need to go farther. If a company like Steam, Epic, EA whoever doesn't have proper parental controls that notifies us and asks us to approve a transaction made on a child's account, then they should be 100% liable for all expenses. I don't care if it's cosmetic, P2W, or a loot-box.
My nephew over the past 4 years has probably spent over $4000.00 on my CC without my permission. Now, I've probably recovered 1/2 to 2/3 of that money, but Steam and Epic both told me to pound sand. Apple gave me a full refund and walked me through the parental controls, which at the time were not as simple as they are now. Steam claims to have parental controls but they're a joke. My Nephew did get a job last summer and paid me back the remainder of what I couldn't recover from my Credit Cards.
As for game that are P2W or any micro-transactions in general... My nephew and my own children are permanently banned from micro-transactions. With respect to my Nephew, he's not allowed to play any of the Call of Duty games or Fortnite while he lives under my roof.