Generally speaking, you can play most sports with just the ball and some friends, and professional gear isn't going to give you that much of an advantage except in comfort.
Also, the video games that are P2W are also shitty free MMOs.
Not all hobbies require money, and not all hobbies are money sinks. Magic goes beyond almost every hobby except maybe tabletop wargaming in terms of how expensive it is to play and to win. Moreover, finding people to play Magic with that aren't competitive or in a competitive environment (FNM) is difficult.
The people who say that video games cost as much as Magic are retarded, because for the cost of a competitive Standard deck that will actually win you prizes, you can buy a gaming system, and maybe even a few games. The gaming system will last longer, though.
Likewise, those who say Magic can pay for itself also seem to assume that you have that money in the first place, and that you can then win.
If you can't get those good cards, you'll generally suck at Magic.