> they are just protecting their business and protecting their business "accidentally" also protecting the customer's benefits.
part is wrong. From my observation, they are protecting their business through protecting their customers' benefits.
Plus, they're building a moat collectively and from an open source stack. So, given the stack gets enough momentum, having Valve or not as a company won't matter anymore.
It's trying to get the elephant out of the bag, and once it's out, then there's really no way to put it back, because it's being out is better for everybody. Game companies and gamers alike.
Public companies as an asset class have to compete with an open market of other investments, so the incentives drive a min-maxing approach to revenue and value. The shareholder mandate dictates the company pursue maximal return in order to stay competitive amongst a sea of other potential investments.
A private company doesn't have this same concern. They still need to pursue profit, but not necessarily MAXIMUM profit. This means that in a sea of hypothetical directions, they are free to choose one that is slightly less profitable but has an abundance of positive externalities, vs. one that is maximally profitable but carries many negative externalities.