For better or worse, the landscape has shifted since then. I can’t imagine people love Steam for being Steam, but rather for being the most consumer-friendly platform on PC.
Refunds? No questions asked if it’s within 2 weeks and 2 hours of playtime.
User reviews and ratings? Yes, and even comments on those reviews.
Community content? Steam discussions, guides, art, etc. Even mods with the workshop.
Bribes development studios for exclusivity deals? Nope! Devs can release games wherever the fuck they want.
Platform support? PC. Not just Windows, but going out of their way to make Linux a first class citizen. They even support Crapple despite its miniscule market share among PC gamers.
You’re right. But, all this good stuff is to obfuscate the central fact that you don’t own the property you bought. Sure, Valve has claimed that should they go away, as their last act, they’ll provide the ability for users to own their purchases, but who actually believes them?
