I have ~80 hours in PoE and started because it looked fun and the microtransaction system seemed reasonable. I stopped because it's pretty clear that what their system lacks in straight gambling mechanics, it more than makes up for in sly psychological tricks.
PoE's "micro"transaction system is much closer to a paid mod or DLC model. Yes, they're mostly cosmetic and QoL items for sale, but they certainly don't feel optional if you've ever played any other RPG or loot-heavy game. Like you mentioned, prices are stupid high and there's nothing "micro" when decent cosmetics run $40+ and a single full effects set is $150+.
The main story takes 20-40 hours, and pretty early on you'll almost HAVE to buy additional loot storage. It's a loot heavy game with no easy way to sell loot that doesn't require storing it (no gold or credits), so they're banking on people getting annoyed by their stash system (which really sucks) and purchasing the added storage. Rolling a new character uses that same storage, so you feel the pinch at each playthrough.
And even if you complete the story, store bought armor at level 2 looks infinitely better than anything you can actually earn through skill or play time. I mean, they already sell "supporter packs" with effects/pets/etc you can't buy a la carte or earn, so the whole facade of these cosmetics "paying to support the game" is already cracked.
They also play that game where you have to buy a custom currency (points) in $5 increments and the vast majority of the items are priced at odd increments, so you're almost always leaving money on the table.
They could offer multiple monetization schemes, like an unlock with each expansion to allow earning some variation of the nice skins and additional storage, while still keeping the game F2P (though I'd love to see them lock applying purchased cosmetics behind a level requirement). I'd be happy to pay $60 for the game and $30-40 per expansion, but I'm not going to just start dumping money into a game to get past the artificial stash constraints or rent worthless digital paint jobs.
There are too many sneaky little quirks that just happen to favor spending money for me to feel good about the game.