CSIDL_COMMON_APPDATA is the API call to get this special folder which has been around since <checks notes> Windows 2000, 26 years ago.
You should never hardcode the path since it can and has moved around, though MS has implemented hard links to legacy paths because most developers are stupid and against persistent better advice do it anyway. I've seen multi-million dollar software packages whose vendor requires it to be writable by "Everyone".
Steam was first released in 2003, three years later.
For 80% of grievances about Windows, there is likely a solution in place that no one knows about because they didn't read the documentation.