Whales are largely a myth created by game companies to create a false class war amongst us rather than holding the truly responsible parties at fault. No different than pitting the middle class against the poor.
Do whales exist? Absolutely. However, the vast majority of mtx money comes from people with addiction problems, mental health issues that make fiscal responsibility difficult, and kids who don't know any better. Many of whom who are spending money that they can't afford to spend but can't help themselves from spending.
These companies quite literally hire psychologists to tell them exactly how to exploit people's own brain chemistry against them to most effectively extract money from their wallets. Epic Games got in trouble because it was believed that they were trying to create a culture in Fornite that shamed kids for having default skins. Everything from daily login bonuses to seasons and battle passes to rotating stores are designed to keep you logging in and playing and therefore paying. They turn logging in into a habit and then hit you with the FOMO and completing your collection needs.
You're not going to fix this by shaming people any more than you can cure drug, alcohol, and gambling addiction by shaming people.
Except the big money isn't coming from the whales. It's coming from the gamer equivalent of the little old lady at the casino with her bucket of quarters.
So the answer is neither.