Micro-transactions are likely the future of monetizing games, especially ones with online communities. The F2P model allows for a larger player-base while still providing revenue for the developer. One way to look at it is this: providing those that can afford to support the game financially with a way to do so and those that can't with a way to contribute to the community. Just because a player doesn't pay to play the game doesn't mean they aren't contributing to the health of the community, either with valuable feedback, telling their friends about the game, providing community resources, or creating, leading, and joining in-game organizations.
The biggest problem with the F2P model and micro-transactions in general is when companies lose sight of what their primary focus should be: making an engaging experience. As said before, when a company starts focusing more on the bottom line and their financials rather than on creating a good game, it usually ends badly for them. It's not because game companies shouldn't be looking to make a profit, far from it, it's because the way they make that profit is practically a side effect from making a good game and establishing a good community around it. To illustrate my point, look at EA with lootboxes in Battlefront 2 or Bethesda with their mod marketplace or Trion with gameplay advantages sold in ArcheAge's cash shop. These were incredibly unpopular moves and severely damaged the reputation of the companies involved, despite intentions that could easily be interpreted as benevolent.
On the other hand, look at CD Projekt Red with their move to release either completely free DLCs or expansions with enormous amounts of content for The Witcher 3. Or, Blizzard's Overwatch with loot boxes done right. I'm sure their fans appreciate that kind of move and I'm equally sure that both companies will make a significant profit on their next title, no matter what it is. EA and DICE, on the other hand, cannot say the same of their next title. Basically, good business practices isn't just about making as much money as possible in the short term, it also includes things like customer retention, brand loyalty, community management, and public relations.