I think loot boxes as a whole need to be regulated as they are clearly gambling. I'm not a fan of regulation as a solution to most problems, but when it involves children I think it sets a good framework for safety and if someone wants to start gambling later they are free to do so.
Valve goes one step beyond loot boxes with their marketplace: you get a loot box, pay to open it (basically a slot machine spin), and you get an item in a "game of chance" -- but that item is a "thing of value" that can be sold on Valve's official, first-party marketplace.
Every definition of gambling I've seen includes some variation of "winning a thing of value from a game of chance", and while loot boxes for in-game rewards skirt that (the thing you're getting is typically described in the fine-print as having no monetary value), Valve's user-driven marketplace is setting a real-world value.
Put another way: EA FC's card packs or Genshin Impact's gacha spins are worth nothing outside of those games, but I've sold Counter-Strike skins to pay for a decent chunk of my Steam Deck.