Oh I think it's both. Nothing that's been said about loot boxes is not at least as true about booster packs, and the secondary "market" is just s slow motion ponzi scheme. Putting that aside though, you still need rotation in a competitive game with an evolving meta, or you'll stagnate pretty quickly as soon as there's any edge in your design to tug on. Unless you design the thing as a closed board game from the start, any competitive scene requires fresh stuff to chew on, and needs an outlet of the meta is solved too quickly.
I'm still convinced it's ultimately a design dead end. There's an amusing trend in board game design of disaffected Magic players turned designers trying to drive out draw variability in their construction deck games and producing barely interactive games or immediately broken metas as a result. You need more decision points baked into the rules, and more game structure you can leverage to make the randomness of drawing cards into a source of tactical decision making, instead of someone to fight against.