A couple of major factors:
Users who expect low prices - This partly because of the history of mobile games being smaller and/or ad-funded but also because the vast majority of people playing games on their phone are looking for a low barrier to entry, time waster, not specifically a game.
Lack of regulation or enforcement - other gambling heavy fields tend to be at least somewhat regulated, but mobile games are very light on regulation, and even lighter on enforcement. This allows them to falsely advertise their games and how they function (both in terms of misleading ads, and lying about chance based events and purchases in-game).
Monopolistic middlemen - On other platforms, theres more direct competition (IE, Sony and Microsoft’s generally more direct competition) or companies that prioritize long-term growth and stability (IE Steam or Itch.io). Apple and Google, on the other hand, largely compete on brand perception and hardware specs. These means that their app stores, where they make most of their money, have zero competitors. Seeing as they have no reason to make the stores better, they can instead promote whatever makes them the most money; that being exactly these manipulate, sketchy, virtual slot machines.
In general, I agree, but I think you underestimate the benifits it provides. While ray-tracing doesn’t add much to more static or simple scenes, it can make a huge difference with more complex or dynamic scenes. Half Life 2 is honestly probably the ideal game to demonstrate this due to its heavy reliance on physics. Current lighting and reflection systems, for all their advancements and advantages, struggle to convincingly handle objects moving in the scene and interacting with each other. Add in a flickering torch or similar and things tend to go even further off the rails. This is why in a lot of games, interactive objects end up standing out in an otherwise well-rendered enviroment. Good raytracing fixes this and can go a really long way to creating a unified, but dynamic look to an enviroment. All that is just on the player’s side too, theres even more boons for developers.
That said, I still don’t plan to be playing many RTX or ray-traced games any time soon. As you said, its still a nightmare performance wise, and I personally start getting motion sick at the framerates it runs at. Once hardware catches up more seriously, I think it will be a really useful tool.