I assume what you mean is "providing new value"? Regardless, Steam doesn't fit this description at all:
- Valve doesn't own the vast majority of games on Steam (i.e. they aren't just buying IP and "rent-seeking" using it)
- Steam adds value that consumers want, which is why it is so popular (friends, achievements, marketplace, workshop, etc)
- Even ignoring the previous point, the basic premise of a game store isn't rent-seeking, because download bandwidth and easy installation are added value by themselves
- Steam isn't a walled garden: they do not prevent you from selling on other stores or pay for exclusives or other similar behavior - Steam wins by out-competing the competition, it doesn't create artificial advantages for itself