Not a good comparison. With Steam, you download the games to your computer. If Valve ever went out of business, they could unDRM the games, or you could crack them.
Either way, you download the games onto your computer. That's not the case with Funimation.
The only difference with Steam is that you have to crack the game files, and Steam DRM is notably easy to bypass. Either way, once you have the files you have it.