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For sure, valid to fear the enshittification of steam. But they aren't killing proton. Maybe ignoring proton at worst. But Steam has profit motivations for not being reliant on Windows, which has actively been trying to supplant them with the Windows Store for years.
As another separate, profit-motivated company, with a gaming division and a lot to gain from eating Steam's lunch, Microsoft is not Steam's friend. Proton is a critical bargaining tool for them, and not having to include windows licenses for devices like the Steam Deck helps their costs too.
My fear is them going public or selling. If that happens, it'll probably be Microsoft willing to spend any amount, and the government hasn't really been in a "preventing monopolies" mood for a while now.
You can take away peoples home, food, and rights... Just don't you dare touch their entertainment for the plebs might get antsy...
And you can't take the sky from me.
Bread and circuses. They're already giving us scraps.
Wish they were serious about Linux support.