My kids never had any interest in Labubu, but have been caught up in other fads like Pokemon cards. My sense is that these kinds of trends are mostly driven by scarcity. If you manage to get your hands on one, then you get the feeling of owning something rare, exclusive, and desirable amongst your peers - which is enough reason on its own to want something. You can also convince yourself that paying the normal MSRP is a smart buy, since normally they are sold by scalpers at inflated prices, even if you have no intention of reselling.
I’m not immune either. They sell Pokemon cards at 7/11 here - typically a store will put out one or two boxes a day - and usually they sell out very quickly. When I see them in stock, I feel an urge to buy them even when I’m not with my kids. Just because I know they will sell out soon.
Haha what would Pokémon have to do to convince you it's more than a fad? It's already the world's biggest IP, it's been around for 30 years...
All of these gambling box toys are a way to simulate a reality where you can actually afford meaningful and expensive things - like real estate, nice cars, etc. When those are entirely out of budget for someone they might cope with a $30 toy they purchased for $200, which then can get milked by installing onto your belt.