Valve have shown themselves to be reasonably trustworthy unlike say, Sony and Microsoft. If there are no disks then there is no point in consoles in my view, they're just worse computers.
plus, nothings stopping you from distributing a physical PC game. Heck, iirc steam still supports it. Even if it didn't, you could still buy a physical PC anyway since they can just have an exe, flatpak/snap/appimage, or dmg
Steam only exists because Valve forced players to install it, force an online activation, and permanently bind their retail copies of Half-Life 2 to a Steam account. They also forced patching which meant in an era of dialup you couldn't play your single player game for hours, and needed to be connected every 30 days or your game would stop working.
None of the console manufacturers pulled that shit, that Valve gets a pass is wild to me.