Agreed.
I maintain that Free-to-Play is an exceptionally misleading name on the whole; though there are a few extremely rare exceptions of genuinely good gameplay for free (Path of Exile and the Valve Wonder Twins: DOTA2 and TF2 don't gate you from gameplay mechanics; just cosmetics).
But in practice, Free-to-Play has been so badly handled, it's not unreasonable to be extremely wary of any game using the model; the few good F2P games come from already stable, affluent companies like Valve and Blizzard. (Path of Exile is the only notable exception I can think of, but even there, I question it being F2P)
The rest MUST rely on exploiting "Whales" or imposing some sort of oppression measures like Grind to be profitable. Which suggests to me that F2P is costly to make good/fair by default, and even then of very limited usage to gaming.
In those cases, the majority of F2P games just take the worst parts of service-based games (basically from MMOs), drop the cost of entry to "free", and then hope you get hooked on them enough that you start sinking horrifying amounts of cash on them on a whim.
LONGER VERSION Or for a rubric:
*"Traditional" Game
-Front loaded costs
-Monetary costs
-Baseline price of industry
-Product centric model
*"Free" To Play
-Back loaded costs
-Heavy opportunity cost (initially)
-Much more expensive price per unit content than traditional (mainly cosmetics and "boosts")
-Service-centric model
From there, one can delve into the matters of Cost:Content, nuances of PvP vs PvE (Pay2Win and "Whale-centric" design)...but generally speaking, the main benefit F2P provides over a traditional game is Centralization for competition. Everyone plays on the same servers, and the game rules are (hopefully) better enforced than the "wild west" of private servers.
Outside of that (like for PvE games; like Warframe or PoE), the model is rather head scratching in exactly what benefit it actually provides (PoE is great, but I wouldn't complain if it was for sale so I could play it offline or in LAN).
In exchange, the player basically waives any and all practical advantages they have as a consumer.
For one, all progress and in game purchases will inevitably "poof".
For another, acquired in-game assets may (and often do) devalue due to "balancing" mechanisms.
Grind is all but required.
A high, persistent server population is necessary to keep the game interesting (more if PvP; less for PvE).
I cannot stress how badly these games need players with a diverse skill group; This is the one big benefit "freeloaders" provide.
(Learn from the failure of HAWKEN: Without a lot of players, matchmaking gets borked, and once that happens, new player turnover skyrockets, you don't attract those "whales", and your game bombs.)
QUICKER PERSONAL TAKE
I don't like the F2P model much at all, and it's not for a lack of trying.
The match-based games benefit from forced centralization, but this is too often countered by the grind elements (pacing and progress are largely artificial rather than organic).
Outside of competition, there's no real benefits to using the model. The one big benefit, "Free", comes with too many necessary trailing asterisks to be realistic: if you do invest into the game it's no longer actually "free", while if you don't, horrible pacing or some other gating mechanism will get you in the end.
Some people may enjoy that, but I don't.
It breaks my heart when otherwise good (or niche) games are absolutely hamstrung by the concessions required of the F2P model. (Warframe, HAWKEN, Tribes:Ascend and MechWarrior Online all suffer from this)
When those games fail, the suits will NEVER, EVER, look at the innate issues of the model, but always pin it on something else because from their perspective, the only thing that mattered was exploitation (that's why they chose the model to begin with; because someone else exploited it to great effect): "It didn't work because the franchise was weak" or "We just didn't market our price-gouging smart enough".
(the weak performance of MWO and failure of HAWKEN all but ensure that the Mech genre will remain effectively dead, or stuck in service-centric Hell)