Yes, the game is predatory as you have to spend around $100-120 for a 50/50 chance of getting the banner character you want.
High powered weapons are another story. The chances are less than 50/50 and thus require more spend to obtain.
They made it that getting duplicates of the same character enhances it in powerful ways that incentivizes people to spend more for more power.
GI is not a play to win game since it is mainly a single player experience, but there are events with multiple plays cooperating with each other, and they can join your world but the quest interactions are limited.
Streamers will spend in the five digits to increase their viewership.
Of course it's also possible I am underestimating the popularity and there really could be over 100 million players.
Then these streamers also actually prime their audience to spend more. If you see a streamer drop a couple thousand dollars on stream to get that cool new character, you might feel okay with dropping $100 to see if you can get lucky.
Streamers feed this kind of ecosystem, and keep it running. I suspect that a large percentage of the money that Genshin Impact makes goes back out into marketing and sponsoring streamers and YouTubers to keep the influencer engine running as well.
Edit: the article seems to say that the number is actually 2.3 billion to $3.5 billion. So, at the low end of 2.3 billion you are looking at "just" 1m "whale" players paying 2,000 each, and 1-3m players paying a few dollars. Google search shows me estimates of about 8m-9m MAU, so this seems possible.
"Yet, only 5% of total app users make any in-app purchase (Sterling, 2016), and 70% of those in-app purchases appear to come from big spenders or ‘Whales' who account for only the top 10% of the paying users (Shaul, 2016)." [0]
0. What Causes Users’ Unwillingness to Spend Money for in-App Purchases in Mobile Games? a Structured Abstract; https://easychair.org/publications/preprint/HxVC
Maybe they have proportionally way more whales than other games?
(I strongly dislike the "whales" term. Is there a less condescending synonym?)