This is the big one. Steam are currently seen as the exception to the rule largely due to Gabe’s commitment to the gaming community. It’s one of the few large American companies that actually seem to practice what they preach. This is probably largely due to steam being privately owned rather than publicly traded, so Gabe can afford to do stuff that benefits his customers, rather than milk them for the shareholders benefit.

Once good ol’ Gabe is gone though, steam will likely eventually be sold publicly and the gradual enshittification brought about by the American shareholder will be inevitable, so whilst steams not an immediate threat like other American platforms, you’re certainly not wrong to bring them up as a potential threat.