I dunno, there seem to be some flaws with that theory. I mean, look at Nexon. They keep putting out terrible content and ripping people off(Gacha, anyone?), but they still have thousands of players humping their leg.
So I guess it really comes down to a question of how many times you can spit on a person before they learn to get out of the way. And some companies seem to be a lot more willing to push that limit than others.
Ultimately, it's their choice to spend the money on things like gacha. I mean it's gambling, no one buys them without keeping this in mind. When you buy something like gacha you know there's a good chance you can wind up with junk. That in its self doesn't make Nexon a bad company, what makes Nexon a bad company is its terrible customer service.