Having spent a lot of time gaming, I think I have figured out a huge part of the appeal, at least for me. You always have a concrete goal and a path of progression.

In this world we live in there is so much uncertainty and pessimism towards the future. Nobody knows the "rules" of life and whatever we think the rules are is often a generation behind (like the kids who were "just go to college" and are now saddled with debt).

Video games provide a sense of stability and progression. You know what you need to do (complete this quest, beat this boss, win this battle, explore this dungeon, etc) and are always given sufficient tools to accomplish your task.

Compare that with one's career. Ask yourself what you need to do to get a promotion. How long will it take? What are the odds you don't get the promotion? Chances are you can only come up with vague answers riddled with qualifiers like probably, maybe, and most likely. I am sure you would be a lot happier if you had a concrete path to promotion and certainty that you would get there.

As long as people don't allow "virtual" progression and achievements to supersede "real life" equivalents, I think video gaming can be an excellent hobby with benefits that extend far beyond the gaming world.