You can say that, but really what they moved to is creating a platform that saved PC gaming. I can't imagine where we would be at without Steam.
There would be 20 different platforms we would have to install full of bloatware garbage and everything would be horrific as all fuck. Indie games would be having a much harder time, because sure there would be other things out there but again it would be so split that it would be hard to even hear of games to get traction. PC game prices are a damn steal, which helps everyone because at $15-20 I will buy way more than $50-$60 a pop. Every platform would have it's own bullshit DRM that would make things a nightmare.
Steam allows offline play, family sharing.. it just freakin works without being fancy bullshit.
So yeah, they certainly make money. But I can't thank them enough for what they have done.