Makes sense, because Windows is also used for servers. The Steam client is not.
> If Steam is installed on a corporate network PC (game development, QA services, esports teams, etc?), regular users being able to elevate to machine admin is a big deal.
No it isn't. This is effectively the same as being installed on some home PC. Being local admin on the workstation doesn't really give you any more ability to do damage than just a regular user account. A non-administrative process still has access to all the user's stuff, and all the network resources that user account has access to. Local admin doesn't really give you anything new.