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What's up with Epic Games?
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Yes, true. But it's not 2008 anymore. It makes no sense for companies to compete based on features and functionality equivalent to their age.
If someone starts a company today offering only old 1960 color TVs, I'm not going to say "Well they're new, and that's what TV manufacturers would have had at the time". That makes zero sense.
If Epic wants to compete with steam they need to actually compete. They offer nothing of value presently. They have the money and the technical talent to make a good launcher. They just appear to choose not to.
This is completely the case. You can't tell me the makers of Unreal Engine couldn't figure out how to replicate at least some of the more commonly used features of Steam. Of course they can do it. Someone somewhere in the corporate ladder decided they don't need the extra features to compete with steam. Maybe burning money on the exclusivity contracts and game giveaways will work out in the long run, but I doubt that when they flat out said they're spending more money than they earn in their 800+ person layoff just a few months ago.