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My understanding is that valve says publishers can’t sell their games steam keys cheaper on other platforms but can charge whatever they want if steam is not the one providing the download. Network infrastructure isn’t free and if steam is the one actually facilitating the download they get to take their share.
I’m not too familiar with the details but there is this excerpt from a blog post by Wolfire Games from 2021 where they say this wasn’t the case. Haven’t checked it’s validity or if it’s relevant information to this case, but it is something
http://blog.wolfire.com/2021/05/Regarding-the-Valve-class-action