He is right. And remember you pay for a subscription you don’t own the game or dlc :
“As a Subscriber you may obtain access to certain services, software and content available to Subscribers or purchase certain Hardware (as defined below) on Steam. The Steam client software and any other software, content, and updates you download or access via Steam, including but not limited to Valve or third-party video games and in-game content, software associated with Hardware and any virtual items you may acquire in a Subscription Marketplace are referred to in this Agreement as “Content and Services;” the rights to access and/or use any Content and Services accessible through Steam are referred to in this Agreement as “Subscriptions.””
They didn’t bring new techno as they did previously with kinetic, pricing was indecent, the hub is such a mess : it looks like Amazon not like a GUI for gaming.
It’s not surprising if they are loosing customers
Mostly on steam deck it means not that much on PC