I realize that no one on GAF has phones and the average age here is 65 so a brief explanation might be helpful.
Mihoyo is a Shanghai based private company which makes games for phones, although because China is a market that has phones and computers but not game consoles, they are also notable for being a mobile dev which makes very good PC versions of their games. Genshin Impact is currently one of the world's top grossing mobile games, it's somewhere in the world top 3 at any moment and sometimes takes #1 in revenue when popular new characters are released and players spend real money to roll the gacha for a chance to obtain new characters.
Gacha, or gachapon, is of course the common mobile game mechanic where you spend money and roll a lottery for a chance to obtain what you desire. Most mobile games which use gachas have a pity system where you eventually are guaranteed a character once you have rolled enough. However, you might have to roll quite a bit before that happens.
Like most mobile games, Genshin Impact is completely free to download and play. Spending money on rolling for characters is entirely optional and up to the player. The majority of players of these kinds of games do not spend anything. The few that do are famously classified by the sea creatures scale of spending, from the people who spend $5 a month for the basic monthly pass ("minnows") to the people who spend a little money rarely on characters they really like ("dolphins"). Then there are the whales. The whales, despite being often as little as 5% of the player population, generate anywhere from 80-90% of a game's revenues. They are the big fish in the blue ocean, and they spend a LOT.
How much? How about $3.8 billion in revenue, and $2.3 billion in profits? Is that a lot? You fucking better believe it is.
If you haven't figured out why the big console platform holders are also pushing into GaaS, well this is why. Genshin Impact is a live service game which is quite literally free for anybody to play, all you need to do is download the game to your phone, tablet, PC, or PS4/PS5. And yet it generates nearly as much profit as all of Nintendo and more profits than the entirety of EA or T2.
GaaS isn't the future, it's the present, and console platform holders have been missing out for years.