I mean... you are not wrong, but to put on my debate hat (for the funsies:-D) I suppose the counter-argument is that since they made it so that the ga(t)cha system is itself irrelevant (at least, in the earlier days of the game, before Power Creep became rampant), they seemed to feel like that was the way to keep the game "balanced". It might also go over better in Japan than the more Western world where people might less like this idea of something that is unattainable. Oh, and one REALLY crucial detail is that you can straight-up exchange irl cash for any particular character that you want (well, any OLDER one, while the absolute newest ones are only available by the gambling approach that offers no such guarantees). Those sales only come every so often each year, but with them you can have your guarantee - and e.g. if you pull your desired character in the meantime, then you can select someone else, whoever you want in the list. Also iirc (some of?) the paid banners offer a "guaranteed 5-star", though it lacks GI's system where (eventually) it is the particular 5-star that you pulled for. There is also a second, subscription system where you pay to support the game each month and get increased basically stamina-style rewards, and you select 7 characters where you are guaranteed to get one of those.
So there is a "pity", technically, just not available at all for F2P, and instead comes in the form of a P2W purchase opportunity.
I heard that GI was really bad, but also that was like several years ago, and it has been cleaned up significantly since then. And some banners much worse than others - particularly weapons ones iirc? - where like you get this 5-star weapon and then nobody who can use it. Ofc this is biased, listening to the stories of people who decided to leave it, rather than stay and git gud:-).
It does look gorgeous though, which is kinda weird for a mobile game imho but so long as processing power can keep up...