The worst case scenario is removing lootboxes and offering the players the real deal: buy the skin directly, but at a higher cost. But microtransactions will never be removed from online games because they exist today as a replacement of the old P2P-montly subscription based model. Players are less and less interested in paying subscriptions for online games. Then companies realized that offering access for free could work by adding microtransactions as a way to monetize the product.
The costs of mantaining the infrastructure of dedicated servers demand a steady income, without either a P2P (almost dead model) or F2P with MT, no online game business would survive.
Then what should they do, focus more on local multiplayer?