Steam has had, for a long time already, a massive far-right community. Browse its communities and you'll see the most deranged racist, transphobic, homophobic posters. The entire SweetBaby harassment campaign started - and as far as I know, is still going - thanks to a huge Steam curator, and there are even more "Anti-Woke" groups explicitly dedicated to harassing minorities. Last year, Hogwarts Legacy had a intense campaign and won the Best Game on Steam Deck award due to the brigading of these "anti-woke" fans - and you most likely can still look into its community to witness their efforts - and there are still those on the Tabletop Simulator communities that are outspoken about the devs "bending the knee" by removing global chat from their game in an effort to reduce harassment against queer people.

Basically, its a cesspool of the worst gaming has to offer, but none of this affects Valve's bottom line, who continues their usual business practice: Don't interfere and do the minimum amount of work. Is it illegal? Perhaps not. But their inaction makes it clear that this is a safe spot for hateful conduct.