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Besides what others mentioned (Valve being kept in check, barely, and offering more service as a platform), I think Sony can’t afford to do what Valve does, because on equal footing they lose.
Sony saves you a bit of money on the hardware purchase, a small benefit if you buy a lot of games. Maybe some exclusives.
Steam lets you mod the game, play it on whatever device you want (PC now, PC you get in 10 years, Deck, Windows, Linux, likely even some Android devices in the future), and twink the settings to whatever you want, for whatever resolution, quality, or framerate you want. (Edit: also, your device doesn’t become a useless box if Valve becomes evil)
Physicals and exclusives are just about the only thing consoles have going for them, and Sony just lost one. (Oh, and they lost couch gaming too, because SteamOS is opening up)