BlackAdderBG
Arcane
I think Valve is playing the waiting game as they are aware of the risks...
I hope that Valve is not in a position to do anything! The last game they published, Artifact, seems to have failed big time. Their Steam Machines initiative came to nothing, their VR investment might not work out as well. They haven't created a game themselves for years besides buying out or copying mods like CS, Portal, L4D and DOA. They seem to live great from selling hats and getting 30% due to their almost monopol position! They even tried to commercialize all mods to get a free share for everything anybody else makes without lifing their fingers. Luckily that failed as well, so maybe with the Epic Store getting more traction, they might decide to finally create some games again. Yes, Half-Life 3 confirmed !
I think it's possible that Gabe Newell, who came from the culture of Microsoft, was so invested in the idea that the threat to Steam would come from hardware and operating system vendors that he was blindsided by the ambush from another game company.
EGS is not a threat to Steam and could never have the ability to isolate Steam on a whim like MS/nvidia/Intel can.