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> all the consoles have a secure chip which decrypts them.

I assume Steam Machines shouldn't do that and therefore they should be more mod friendly.

That has to be true for Steam Machines since you can build your own.

Especially considering they run Linux, so... I'm decently sure that Steam could easily use some form of binary protection.

True for Steam Machines, but it wouldn't help in this specific case, as Bloodborne is a PS4 exclusive.