Parents are a lot more likely to pay attention to that rating if it were a digital game purchase, as for a physical game game, I know from experience that Parents don’t pay attention to these ratings. I used to work in a store that sold games and I still remember all the parents that would come in looking for Grand Theft Auto for their little ones.
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So that's the esrb or the industry's fault? It's still the parent's fault for not researching OR just turning blind eye.
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It's the industry's fault for blatantly putting these in to make money. In many cases like in destiny content is watered down to make way for these lootboxes.