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There are two requirements to be considered a monopoly, or fall under antitrust laws:
Steam meets point 1, it doesn’t meet point 2. On the other hand, things like the Apple App Store, don’t meet point 1, but meet point 2, which makes them more likely to fall under antitrust. Windows meets both points, which is why the US sued Microsoft for not letting people choose their browser.
Yeah, we only have to look at the FTC’s lawsuit against Amazon to see what they consider an antitrust problem:
That isn’t what we see from Valve - in fact it’s the opposite, as Valve’s strategy with Steam is simply to provide the best service and be the gold standard. The competition is almost always compared unfavorably to Steam, because gamers know how it feels to use a mature platform that isn’t trying to abuse them.
Valve has even taken some steps that wind up increasing competition in adjacent markets, such as operating systems (Proton has contributed significantly to Linux popularity) and even handheld game devices (Steam Deck set off an arms race when electronics manufacturers realized Nintendo is asleep at the wheel). Steam is as pro-consumer as it gets, with the exception of GOG and possibly itch.