One has to differentiate between paid cosmetics and paid game relevant content. When selling cosmetics everything is fair game for all I care. Games could sell cosmetic skins for thousand of bucks and I would not complain. However when it comes to game relevant content a game needs to offer a reasonable way to keep up without paying money otherwise it drifts off into P2W territory.
I never played Smite but if the progression is similar to Paladins there should be no problem even for casual players to unlock the game relevant content naturally just by playing.
Since you mentioned Dota2 that of course is the holy grail of F2P. One gets all game relevant content unlocked upfront and it is profitable just by selling cosmetics. Wish Valve would get into the card game market and take a big steaming dump on Blizzard and all others that think their can milk their customers for easy money.
That booster pack nonsense of course originated in real life. It was a ripoff then and with digital goods it has become even more of a bad joke. At least real cards (and I also think those in MTGO) can be sold again for money. With digital games however all the money invested will just evaporate once the servers go down. At least Blizzard has a decent track record of supporting even their older games for a long long time. With small indie devs like CPG you never know what will happen.
HS has the highest return of investment of any Blizzard game. The amount of money they are making by selling overpriced booster packs is insane compared to money they pay for development and maintenance. Duelyst pretty much has the same pricing structure so I find it very hard to imagine that CPG is struggling to keep the lights on. F2P progress is better in Duelyst but it is still painfully slow which is intentional since CPG just like Blizzard prefer the stick over the carrot. Again, I would love to see Valve prove them all wrong and show them how to build and run a real F2P card game just supported by cosmetic micro transactions.
