And almost no investment in the actual elephant in the room. Fucking games. Valve don't care.
They're taking a different role, it seems to me: supporting gaming both as an example and as a platform.
They built Alyx to prove that it's possible to have a top-tier, full gaming experience in VR. It's still the reference point for that entire medium, and the hardware they built for Index was also a part of the equation of showing how well it can all work. They carried all of this over into the SteamVR interface, which is still by far the best VR shop and way to dive into tons of VR content, and easy to publish on.
They pushed hard on Linux side to build fantastic tooling & middleware that helps gaming be able to split from the proprietary stranglehold that is Microsoft's software and operating systems. And that's hardly a simple move, nor a safe one for a studio that makes its cash off of PC gaming. By making the Steam Deck so successful, devs now will want to support the linux-based stack by default in order to reach a wider audience.
On the store side, they still have a strong orientation towards free expression which is endangered elsewhere. I can guarantee that every other major platform would have already killed the SweetBabyDetected curator group for political reasons by now, but Valve generally has a much better policy towards users and granting them freedom in the platform.
And that's not to mention things like Steam Workshop, which is absolutely brilliant in opening up modding to everyone. I've played so many Portal and Alyx mods over the years from a simple one-click in the interface. They give the platform and the tools, and the results are incredible. I probably have more hours logged on community-build workshop content for each of their main series games than the originals, just because there is so much to experience.
It's lunacy to act like Valve sits around instead of being one of the biggest forces shaping gaming. The entire landscape of games would be radically different if they ceased to exist.