The only problem with this approach is that glibc cannot have multiple versions running at once
that's not correct. libraries have versions for a reason. the only thing preventing the installation of multiple glibc versions is the package manager or the package versioning.
this makes building against an older version of glibc non-trivial, because there isn't a ready made package that you can just install. the workarounds take effort:
https://stackoverflow.com/questions/2856438/how-can-i-link-t...
the problem for companies developing on linux is that it is not trivial
You compile in a container/chroot with the userspace you target. Done.
In the context of games, that will likely be Steam Runtime.
glibc must match the linker so you would need a separate linker and the binaries usually have a hardcoded path to the system linker (and you need to binary patch the stuff - https://stackoverflow.com/questions/847179/multiple-glibc-li...)
So in practice you can only have 1 linker, 1 glibc (unless you do chroot or containers and at that point just build your stuff in Ubuntu 12.04 or whatever environment)