There is a big gap, though, between F2P league and F2P Diablo Immortal.

No business model is inherently bad/evil. All types of games, F2P, subscription, single purchase, DLCs, expansions, can offer a good value of money, but unfortunately when a CEO thinks how he can get a fat bonus at the end of the year, greenlighting finely crafted games with fair business model, while treating his staff like valuable employees is usually not an answer.