I dread to think how bad gambling would be in games without a central hub to complain about it and push back against predatory monetization systems. P2W would be rampant because there are less incentives for people to buy cosmetics.
Though I wonder if society would've even existed or would still have a need for video games. I'd fully expect that by now without the internet we'd either be nuked or live in 1984.
How do you envision those loot box systems would have come around without the internet? What would be the point of P2W if all there is is local multiplayer?
Without the internet actual journalism would still have existed to prevent 1984 or WW3. The internet much more helps 1984 than pevents it...