The main benefit is that it makes Steam not depend anymore on the installed packages of the host Linux distribution.
Part of this is that Steam can still use 32-bit libraries even when the host Linux distribution has fully moved to 64-bit.
See recent discussion at https://ubuntu.com/blog/statement-on-32-bit-i386-packages-fo...
While you would have expected from Valve to use an existing container platform, they went ahead and used directly the security features of the Linux kernel in Steam.