Haven't played the game yet... but the amount of free content seems to be staggering and the gacha aspects don't even seem to be really intrusive (you don't really need more characters to enjoy the game, do you?)... With that in mind, I wouldn't mind spending around $60 to support the devs if the game offers that much content.
The game certainly seems to go the extra mile when it comes to the content available, but gacha games are not stranger to the concept of showering you with content, character and currencies early, only to have you realize, once you complete the 'story' part that they had you waste the valuable resources all along, that the less valuable ones are an actual sliver of what is necessary, and that the charcters you got for free are limited in power if not obsolete for new/harder content even if you don't try to compete at the top ...
I started Honkai last week-end to see how they handle their games, and while I'm very surprised at how it plays even on a phone, which is encouraging for Genshin because one of it's strength is cross platform play, the gacha side with weapons and characters and the overabundance of currencies plus what I've been reading about it isn't really reassuring xD
In the end it'll all be about how they balance things, we don't have the full picture one way or another yet, but it's not unreasonable to be worried about that side of the game.
I get the sense that this game could end up in a weird in-between, and you already can see it to an extent, being a mobile game at its core, but with such high production value, and coming on PC/PS4/Switch, it'll be over-praised by mobile players that can stomach a gacha, shat-on by those who have been burned-out already, but beyond it's presentation it'll also have to suffer the comparison with all the PC/PS4 F2P games that are highly regarded and not gachas.
It has the potential to end up in a similar situation as Black Desert Online is in the MMO space, highly regarded for it's presentation and some of it's systems, but despised for it's monetization and stupid grind, I can already see the 'I played Genshin impact for 2000 hours and I can't recommend it' reviews xD