Funko Goes Pop: The Death of Fake Nostalgia
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I think my big issue with Funko Pop, aside from them not really looking like they're supposed to, is that they relied on liking the character that is represented as the funk pop thing.
When you could just spend a bit more and get an action figure or a lot more and get one of those desk stand model things that looks exactly like the character.
They felt to me, like they were a lesser version of the thing they meant to be. An inexpensive alternative. To me, who just never understood them, buying one felt like saying "yeah I like that movie/game/whatever ... but not enough to buy a licensed toy that actually looks like the thing I like." as very few of them ever did look enough like it should to be worth it.
I think a lot of it was the gamification of collecting them. The chance for a rare variant, the exclusive stickers from various retailers, the "buy for $150 and get a random exclusive", the collecting apps, etc.
I watched a few youtubers out of morbid curiosity and to them the stupid sticker on the side was more important than the figure itself.