There are a bunch of companies trying to compete with valve. They are not behind any more of a moat than anyone else.
What strikes me as a bit odd with relation to specifically competitors to the Valve client (essentially a game library and store rolled together), the competitors that come to mind are...
* EA/Origin
* Epic
* Ubisoft
EA and Ubisoft are only selling games they publish, IIRC. Epic sells games from other publishers, but always gives Fortnite preferential treatment (and has the Unreal Editor in its own tab in the client, or did last I paid attention).
Valve is still by a large margin the only one that comes to mind that feels as close to a neutral store/library as you can find (even when they released Artifact and Alyx, neither of those were permanently pinned to the top like Fortnite is in the Epic store). Of course, developers can still buy preferential treatment, but it at least feels like you're competing with other developers and not "the house".
I'm not making an argument that Valve's being anti-competitive here, just it's surprising to me how hard these competitors -aren't- trying to be a real competitor. I expect due to internal pressures from their respective game publishing branches.
One might argue that YouTube and Android should go in that list, but I disagree. YouTube was acquired and it never managed to become something really big (it failed to compete with Netflix for video streaming, with Spotify for music and with TikTok for social network). Android also, was acquired and without a pletora of hardware vendor supporting it, it would have failed too (I'd say that Android without Samsung is nothing -- of course, it's big on embedded things, like cars or TVs, but it's not a world-wide product like gmail).
And likewise it is failing in AI, against OpenAI, which looks like another engineering-first product.
I think the real answer lies in the fact that at a public company, you will need to answer to shareholders, but at Valve, you actually need to answer to the whims of benevolent dictator Gabe Newell.
Innovative products every 4 years? Lol, if Facebook waited that long at any point in time it'd have died.
Comparing Valve to Meta head-to-head is simply ridiculous. I'm not even sure which specific products you had in mind. Did you mean "Meta Quest"? Literally, each division within Meta is fighting in a different sector
Valve has been operating in the same market for 27 years and has consequently built a loyal and enthusiastic fan base.
Even if you believe Meta is directly competing with Valve, it's embarrassing for Valve, as someone in their position should be undisputed in their niche and have the market in deadlock.
And Valve had plenty of competition and they knew their audience pretty well to make digital purchases something to consider for many. Plus, they simply have the better product.
[1] I vaguely remember a legal dispute when Valve did release steam years later as Sierra were being cut out.
But Valve has had an awesome record of using it responsibly, and its kind of amazing I can log in, click and 60 seconds later be playing a game I bought in 2003.
