The way I see it, they are the lesser of two evils. Just because someone isn’t as bad a Microsoft, doesn’t mean that they are forgiven for their sins.
Predatory lootboxes, and not cracking down on CSGO Gambling site are the biggest sins which Valve has committed.
Going beyond that, no clear path forward for when the Steam DRM Client goes offline. I personally have games which I bought on legacy hardware, that no longer runs on that hardware since Steam discontinued support for it. I don’t expect Valve to support all hardware indefinitely, however I can buy the same game from GOG, and install it on my XP and Win 7 machines without issue.
I am certain that there are other issues, and compared to MS they look like a saint. But for me I diversify my game library and get as much of my games DRM Free or on a platform which has a proven track record for supporting not just their current purchases but also legacy ones.
Beat Sony with a stick all you want. Despite the PSP being 21 years old this year, if I can connect my PSP to the internet, I can still download my digital PSP PSM and PS1 games.
One answer is quite simple. Not to sell loot boxes.
I mean counter strike and team fortress 2 worked fine and were extremely fun games before they added a virtual slot machine to their games. “they’re just skins” right? If they were given out for free in game it wouldn’t impact the rest of the games experience.
Valve can also prevent the sale of real world money for these items. Especially if it’s been flagged for Gambling.
Or as another stated disable or moderate the usage of their own API on these gambling sites.