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Steam is a ticking time bomb
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Every other major application and service on Mac has ARM-native builds now, there's not really an excuse for Valve. It's especially silly when much of Steam is running through a Chromium engine, not machine code or anything else that might be difficult to port.
It is an excuse for Valve, because their business is selling thousands of games that do not have ARM-native builds. No action of Valve's made Steam worse for Mac users. An action of Apple's did that. At some point, it's not worth it for Valve to update their application to be better for a platform that's actively hostile to its business partners.