Right - maybe I misworded what I wanted to say. By 'respectable' I mean there is a lot of people who - despite mantioned flaws - are happy with Steam as it is.
I don't believe that people are happy in spite of flaws. Speaking for myself, Steam offers enough of what I want, that I'll deal with the stuff that I don't want. I make this decision with each new purchase on Steam. I don't always make the same decision. I consciously think about whether I want a game I purchase to be "stuck" in Steam before I buy it. I also consider whether it's worth buying on Steam at that moment, knowing I will probably re-purchase later, from a store more in line with my values, like GOG.com. I'm betting more people feel like this, rather than just being in a binary state of happy vs unhappy with Steam.
If there is anybody that can make those people drop Steam - it's Steam itself. If Valve pushes them too hard, they'll probably move somewhere else.
I disagree. Ditching Steam is really not an option, not without throwing hundreds of games, and thousands of dollars, straight in the trash.
I think whether Steam is a "respectable" business is pointless to argue. The word "successful" would fit much better in your statement. There is no doubt that Steam has been a successful business thus far. I could say that I like Steam, but really that boils down to liking the good aspects while ignoring the bad, hoping Steam doesn't go out of business because I'll lose everything, and praying a glitch or mistake doesn't render my account inaccessible/banned, because I know I'll have no recourse. In other words, I've learned to be OK with being a Steam slave.