While Steam isn’t “doing nothing”, I do think 30% cut of sales for the first $10M is a lot especially for indie and single developers that will never reach this target, and the larger/more known the publisher the easier it will be for them to hit the lesser % of sales tiers (reduced to 20% after $50M, but I can’t remember the in-between tiers atm).
Itch.io, by comparison, takes 10% of sales as a default, but publishers can set it to whatever. Indie devs really should look more to using that as their store if they’re cash strapped, and people should really get their indies off of there if possible.
Again, I don’t disagree with you regarding Steam sometimes getting way too gassed up by gamers, and not having any incentive to change because of it. That’s because the bar is so fucking low for the industry as a whole.
But I wouldn’t call it “rent seeking”. They make deals with publishers to have games come to PC instead of being locked into console exclusives, they are making consumer friendly hardware, they are pushing the Linux gaming sphere, and they have actual customer service for their storefront. All of this should be standard in the gaming sphere, but because it isn’t, Valve and Gabe are seen as gods.