As Jacob and I discussed, we felt that lootboxes probably should be banned. Banning microtransactions, on the other hand, is probably unnecessary, but there should certainly be more regulation of predatory practices involving them. The problem with this bill in particular is really the framing of it and the approach that it's taking in confronting the issue; by framing it as protecting children rather than addressing specific practices it calls to mind the moral panics in the US during the late 80s and 90s around violence in video games and so on, and it suggests that the senator doesn't understand the issue well enough to make a reasoned argument (admittedly, a common problem in US politics when it comes to technology, the internet, and games). I suspect that the bill probably won't get enough attention to progress, but if it does, I think this angle of approach makes it easy for publishers to make some small concessions and put up a facade of making changes while not really changing anything fundamental.
There needs to be a serious governmental debate around lootboxes and microtransactions, but I don't think that this bill is the right way to start it.