Then there's CS:GO, whose developers refuse to use intrusive practices to counter cheating. And the game is ruined by rampant cheating. (Neither for nor against. Just saying.)
Then there's EFT (BattlEye) ruined by rampant cheating.
Then there's (was?) Combat Arms (multiple anti cheats over the years) ruined in-part by rampant cheating.
I wouldn't mind _that_ much if anti-cheats actually helped, but they don't.
It's almost sad to see how badly anti-cheat software works. There are entire economies built around cheating. We used to combat this by being able to manage/run our own game servers with staff dedicated to the experience but very few games still support managing your own server. It will always be cat and mouse.
I do think that anti-cheat helps, if the developers are mostly engaged with it, but it's a long fight over a long time. Most of the strategies to do with 'ban waves' - ie, not banning cheaters immediately - are pragmatic concessions to that reality.
A few months ago, their secondary system, "Trust Factor", was broken for an unknown period of time, which the communication to the community was a single tweet. During that period (probably a few weeks?), there was blatant cheaters in half the games I played.
I've moved to playing FACEIT (a third-party matchmaking service) recently, partly due to anti-cheat. I don't remember the last time I saw a cheater in FACEIT, while CSGO's matchmaking has cheaters in around 10% of my games (average skill player, ~2k hours over 7 years, high Trust Factor).
Because of the steam deck that would be pretty bad business, so maybe it's less about intrusiveness and more about that valve can't, without destroying their hedge against a Windows monoculture in gaming.