If I consider the "point" of soulframe right now, it boils down to the gear / collection chase of finding all the items (for me at least). There is the upgrade grind as well, but without the collection there is no gameplay to upgrade for. The drops themselves are a core part of the enjoyment of the game for me. If I look at the monetization, I would describe it as "deleting gameplay". I feel no impulse to spend and genuinely feel like purchasing something from the shop would only devalue my gaming experience. Do people engage with this kind of system? I would consider myself a medium spender in live service games - I like to support the games I enjoy. But in this game there is nothing I would buy, since it would only hurt my experience...
For examples of the types of things I could see myself purchasing, that would include cosmetic skins, decorations for your hub, cosmetic skill effects (e.g., different visual effects for a pact or for headshots), etc.