Valve is in a funny position now. They lived long enough to see every one of Sony and XBOX's moats dry up by being pro-consumer where possible, but with Steam as the leader of a fungible game distribution market it may no longer make good business sense to continue to act so benevolently.

We've reached a sort of gaming singularity where nearly every video game can be run on any hardware you choose or be streamed over the network to a thin client. PlayStation and XBOX consoles are basically dedicated gaming PCs that can only run Sony or Microsoft's version of Steam. DirectX is losing ground too thanks to Proton and Vulkan, so Microsoft won't have the last laugh there either. If Valve controls the store you purchase games from, the software which runs the games, and the operating system running the software, they are an ODM contract away from becoming Sony's PlayStation division, and look where they are now.

True, but Steam still controls Steam and they can change their terms whenever they want. But for now it's ok, at least. And their hardware is happily open: I've played a bunch of games I got on GOG, DRM-free, on my Steam Deck, for example.

They're always good until they aren't. They can only be trusted if they don't have a way to be bad. Steam could lock down tomorrow and you couldn't do anything about it.

Till Gabe dies and valve is bought out by private equity

I’m wondering what happens when Gabe dies?