Think of it more like Netflix. Netflix was great, then the market fractured and Netflix enshitified in response.
What it would take here is for a publisher to become a real distributor in the space, but competition is weak right now. Just like it really took Disney wading in to disrupt Netflix, it would take someone equally large, like Microsoft, to disrupt Steam. Sorry Ubisoft, but you don’t cut it.
Publishers already tried this (EA, Ubisoft, etc) and it didn’t really work. They came back to Steam.
because they didnt learn, in order to make more profit per sale on your platform, you either:
make a platform consumer friendly enough that people are willing to use it (the part that is most important)
or
make a game thats “good enough” that people will use your platform as a service (e.g Riot)
EA and Ubisoft (mostly) failed at both, with both hanging on a thread (Apex for EA, R6S for Ubisoft)