Valve is a bad example.

For game developers, they are a nearing close to a monopoly with Steam, anything PC and for distribution has to go through them and they take a cut, any other places aren't as effective.

Valve has no real competitors or competition.

Unless Valve faces intense competition to change, enshittification will be inevitable since they know nobody can really challenge them.

This is regardless of self or outside funding or no plans to IPO.