In one sense yes they are a monopoly. But there are alternative game stores. However Valve has earned their cut of money by actually trying to make a platform that works for game developers, game players and themselves.

Don’t get me wrong, they have a high risk of turning bad and extorting the market they have captured. But the truth is that every equally or greater sized competitor (Microsoft, Ubisoft, EA, Epic) has already skipped to the extortion part of the cycle and Valve simply hasn’t, and hasn’t really expressed any intention to do that. Being a privately owned company, Valve is allowed to sit back, enjoy the money they do make and not have to constantly ask for more, and develop what the staff feel like making without strict deadlines.

The smaller competitors are still great even if not as feature filled (GOG, itch) and you should support them too. So while I reject that Valve is the big bad, I also reject that Valve could never enshittify. My position is that Valve has earned a trust no one else has (even itch had to cave to Credit Card companies), and that trust is Valve’s to break.