Applying moderation and reacting to legitimate complaints in time would have prevented pressure from building up so massively that payment networks or politicians even have a leg to stand on.
It's one thing to have occasional issues with stuff slipping through the cracks, that happens. But it's a completely different thing to just not do anything for years. In the case of Steam, let's just take the recent Nazi scandal [1] - reports of users using blatant Nazi imagery and vocabulary date back almost a decade [2] and that's the oldest thing I could find in a minute of Googling, I 'member this being a thing even years before Trump's first presidency but honestly I can't be bothered to search for more old Nazi shit at 9 o'clock in the morning.
Had Steam done something about the Nazis back in 2017, I guarantee you that 2024 Bloomberg piece wouldn't ever have come into existence. That's seven years in which Steam did nothing to combat users using swastikas - stuff that could trivially be caught using machine learning, even back in the time.
[1] https://www.bloomberg.com/news/articles/2024-11-14/white-sup...
[2] https://forum.gamespodcast.de/viewtopic.php?t=2478