I think you're right on point.
At least with clothing, you're getting clothing out if it (though frankly I prefer the system of my high school which was to have a uniform; evens the playing field, particularly for me as a working class child at a grammar school in an upper class area).
My issue with Fornite is the speed and cost with which they produce this stuff. I see my nephews spending 10s of £s at a time every week or so.
I'm not sure how I'll deal with the peer pressure issue, my child is too young right now, but Fornite has a strong affinity to children, I'd argue it's mostly played by children and the culture is a real issue which they're doing nothing to resolve that I can see.