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The problem with judging Steam as a monopolistic platform is whether it uses its market position to maintain its monopoly or not.

Valve doesn’t really engage in vertical integration. There are a few games that Valve makes as a first party exclusive, but nowhere near other competitors like Nintendo or Activision Blizzard. There also isn’t a gaming engine that ties to Steam directly; the closest is Proton but that isn’t required.

Valve doesn’t seem to seem to require onerous requirements on third party game studios to publish on Steam. Outside of banning ad-supported gaming, Valve doesn’t seem to demand preferential treatment.

Valve could easily become a problematic monopoly, but it isn’t there yet.

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