Except Steam said it will press the red button (liberating all games from the Authentication Servers) if it ever goes bankrupt. Offline mode works perfectly for me, despise what other people say in this thread.
SecuROM can't even give you extra installs today, while they're alive and kicking.
I don't like DRMs or limited installs and I like Steam! But there are even more problems with your arguments here:
1. "Steam" (Valve in particular) has never said that about the red button in a provable sense. We used to have arguments back in the days when Twig was around. As far as I know, the only time anyone had said something like that was a forum post by someone that has since been deleted. I think I personally sent Gabe an email or two about it, and of course I never got a response (even though I did get a response from a more recent email to him on a different subject).
There would presumably be huge license problems with Steam liberating games from the auth servers. Plus, if their assets were seized, or they were locked out of buildings, there's no guarantee an employee could try to do it anyway. If all their servers were shut down, they wouldn't have a WAY to send a patch out to everyone that would disable authentication. They would need to know ahead of time, have some legal way to do it, and send out their "red button" patch for say, a month or something to give everyone time to download it.
And as far as I'm aware, the Steam license agreement just says you have licenses to games, you don't "own" them, and they have no obligation to do any of the above.
2. Saying offline works perfectly for you "despise what other people say in this thread" is a problem because many people might say the same for SecuROM. Well, despite what people might say in that Steam forums thread, I don't think I've had problems with SecuROM. Does that mean there aren't problems with it? No, it just means I'm one of the majority, as is statistically to be expected.
3. Saying SecuROM can't give you additional installs may be true, if you are saying that it's the publisher's responsibility, but otherwise it's flat out wrong. Stallion Free, for example, was able to contact EA and get additional installs for Crysis 1 (an old SecuROM game with install limits but no revoke license option). That game MIGHT have even had the limits patched since I think Stallion was able to install again more recently without asking for another license, but I don't know for sure, or if there's a difference between Crysis 1 on Steam and Crysis 1 on Origin.
And if you're saying the publisher's (or whatever the right term is, EA in this case) responsibility, then yes, but the same is true for Steam. Valve can't give out additional keys in those cases where they have run out of keys for games during sales, and people have apparently had to wait a week or more because of it.