I never thought this was a good idea.
You should not be entitled to a refund because of your subjective reaction to a piece of entertainment. If the product doesn't work, or perform as advertised, or is faulty in some way, it is consumer rights to be compensated for being misled.
It is not consumer rights to demand a refund for a piece of entertainment you didn't enjoy. "No refund for content" is a thing for a reason. When you pay for entertainment you are not paying to see if you like it or not.
The "no questions asked" policy is the problem.
I'm inclined to agree. If a game works fine and wasn't falsely advertised, then I'm hesitant to say that a customer deserves a refund just for not liking the game after playing it, in the same way that a customer can't expect a refund for a movie ticket just because they ended up not liking the movie after sitting there and watching it through for two hours.
Valve has reserved the right to revoke refund privileges from customers who abuse it, though, so I guess we'll have to see how this plays out.