Microsoft moved to a subscription service because they botched the launch of the Xbox One, with users accumulating digital libraries on the PlayStation, and that failure is something that has continued to drag them further and further down.

Most of the market talks Nintendo, Sony, XBox, Apple Arcade, Android.

Exactly because they aquired half the good studios, they happen to be one of the biggest publishers, people forget some of those studios keep using their own branding instead of anything Microsoft, and it would hurt Steam if Microsoft decides all those studios would pull out of it.