But then we have Overwatch and Fortnite. Did they really need Steam? No, they didn't.
Personally I love Steam, but something has to be done.
Steam was never the place where the biggest third-party games were, until PUBG.
Most massive games that are not on Steam (except Blizzard and EA) are GaaS. Until PUBG, it was "commonly known" that you couldn't have GaaS success on Steam because the platform heavily catered to Valves own games. Second issue was the 30% for In-app puchases, GaaS companies want all of it for themselves.
And the success of PUBG also tells us something: There is a massive audience for non-Valve GaaS games on Steam.
There is also no exodus of big publishers in the near future. It is unknown if EA has better success being Origin exclusive. What we know is, that no other big publisher took that route that didn't have already something in place (Blizzard). Rockstar, CDPR, and Ubisoft games are "multiplatform" on PC. And several other Publishers just have a store that gives out Steam keys (for example, Paradox, who sell their games on their own website for 100% profit but give out Steam keys.)
Before a publisher thinks of abandoning steam, they should go the Paradox route and try that, to see what the split is. Unless Valve does something about it, it is the best course of action. You get 100% instead of 70% of profit for the people who buy at your store and the rest will buy from Steam and won't know the difference.