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Well, sort of. Nintendo purposely makes the rates low. Think of loot boxes like lottery tickets. Your chances of winning (getting the item you want) are extremely low because the company issuing the tickets has to make a profit. If lottery companies handed out money all the time they wouldn't be able to stay in business. Loot boxes are worse because you can't even "cash them in" so to speak for real money, all you get is a digital item you will most likely forget about or not care about in a week because a new update will add new loot boxes and the cycle will start over again.
It's really not hard to see the pattern, if you're willing to go against the odds and the knowledge that you will in fact lose more often than you win... well you can only curse yourself, and unfortunately because of people who buy in to this system we will never be rid of it unless the government steps in and saves the people from themselves.