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What's up with Epic Games?
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Your points are very valid and it was a terrible thing for Epic to do, but they backpedaled on that and have never done the removing a product from Steam afterwards ever again.
Yeah, because Steam changed their terms of service to prevent companies from doing said bait and switch schemes.
No, they have never done it so far. Because it cost them a large amount of public opinion when they had almost nothing else to lean on. It was a decision that they survived only because their other products like unreal and fortnite funded it.
Once they think they have enough dedicated users, who are unwilling to leave their libraries, and they believe they have earned a steam equivalent customer reputation? They will do it again.