I have several friends who used to work at Valve none of them hate the place, they still have friends there, etc. But they tell similar stories as to why things that normal companies do successfully are impossible at Valve. Perhaps it’s best summed up by something one friend said about her year and a half at Valve: “I first learned who my boss was on the day she fired me.”
Google tried this, notoriously dense grating and then firing basically all the managers at an all-hands. That didn’t work out well at all... And now they have over-steered in the opposite direction!
I don't buy people's excuses about them just exploiting a monopoly. Epic was gunning for them, Microsoft was gunning for them, all the big publishers tried to compete on PC game distribution, consoles try to take market share from PC, GoG and others exist. The failure of their competitors to unseat them doesn't mean Valve had it easy.
Google, on the other hand, is what you get when you try to optimize for employee happiness across the board. Their business has been successful (the monopoly argument seems more applicable in this case, at least in the last decade), but product quality is in the toilet and employee happiness ultimately couldn't be maintained in the face of bureaucracy and layoffs.
It's true that a product shipped early is bad forever, but a product never shipped is certainly not a success by any metric either.
My suspicion is that the way the studio runs means that the stuff they eventually ship is high quality, but a lot of potential smash hits wither and die because of process dysfunction and staff attrition.
On the other hand, if you're a successful middleman taking 30% of everyone else's revenue, you don't really need to be good at making games anymore. You can leave that business if you want.