I wouldn't say that they punish people. For not even $1 everybody who bought the bundle got a DRM-free download, a .pdf file with an artbook and a Desura key.

Maybe developers should just stop to promise Steam keys to bundle buyers. Or bundle sites and developers should change their business model, so the customer has to decide if he wants a DRM-free download, or a Desura, GOG or a Steam key.
I agree with that. They shouldn't have promised keys. Now that they did, they should deliver (they say themself that they are already doomed, so it probably doesn't make a difference).

Update:
http://steamcommunity.com/app/302870/discussions/0/34093781565091557/
"Hello IR Bundle Owners,

Wanted to clear few things with you guys. I am not against sending keys to the bundle owner, If you remember correctly I was doing that myself over email. It is just that I can’t spend time on this kind of support process anymore, so I’ve given up!

I am completely aware of the promises I have made, and I was delivering on the same line, until we got caught into this situation.

Before making this announcement I also contacted IR, and explained them the situation. They made it clear to me that it is not possible to remove those emails from their record to whom we have already sent the keys.

More than 200 keys are already sent, now if you are saying it’s okay; Let them have another copy of the game, “I don’t agree to it”. It means you have no value to the 200 copies of my game. You might argue on the value of the product, but to me as a creator it has great value.

I have sent one more email to IR today, and requested them to help me out here. If they come out with some solution, I am more than happy to give the keys. If not then things may not change any further for us.

Let’s hope for the best.

>>>> Update >>>>>
That was really fast. Just got a message from IR representative.

There hopefully is a way around it "

I completely agree. Even if I was still buying Steam games, there's absolutely no way I'd be giving them money for a copy that I already paid for. Reputations take years to build and minutes to destroy.

Yeah, it's just a shitty thing to do. If the buyers were promised something, they should be given it. It just isn't fair to expect people to buy the product twice, if the original purchase included the option they were after in the first place.

Fuck those stupid douche bags. No tears from my eyes will come forth for these pathetic mortals.

edited because I have OCD and edit 90% of everything I ever post these days.

I wonder if you even read what DarkoD13 wrote? They are working on a solution.

Obviously not. I take back my harsh words. But you can't blame me for saying such things after reading the OP's post when there is so much douchebaggery happening these days.

I'd give him some slack purely on the grounds of the fact that his firm is going under and he might be severely in debt.

I created the thread to discuss about the matter: should they keep their word even risking bankruptcy or should they fuck old supporters to avoid any risk of breakdown?

Last news made a thing clear: they are at least guilty of ineptitude, if not worse. IndieRoyale has been up and running for years and I can't remember any issue of this kind.
Even if they will reconsider their action and will settle the matter, well, the post they wrote in the Steam forum is simply intolerable. So inadequate that, forgive me, I can't avoid thinking they acted in such a way to get some exposure and improve their situation.
Many indie developers had to close their activity during the last years, but I have never read such bullshit like what they wrote. On one hand they say they can't send the keys because they, «being generous» (LOL), have already sent some keys via email; on the other hand, they cry because their game sold poorly.
But the worst thing they could write is this FAQ In other words: we have a lot of problems ourselves, who cares about our costumers?

Anyway such a behaviour brings us back to my question: does a goal justify any means?
I mean, probably they are acting such a way simply to save their job: would this justify their actions?

Thank you: first post updated.

All I can say to the devs:
Good idea 1:
Don't make a physics based puzzle platformer. Market for those is pretty saturated. Even if this one looks nice (I mean, the graphics looks nice and I like playing as Grim Reaper since Grim Fandango :)), I'm not going to buy another puzzle platformer because I can get plenty of those in any bundle out there - wacky ones, scary ones, 'serious' ones, you name it - they have it.
Good idea 2:
Get your game to as many people as you can. If the game is good, whisper marketing will make it sell better than anything.
Terrible idea 1:
Piss off your customers. Word whisper marketing works even better when people have something bad to say.

I wonder if they released about the time that other companies were saying 'lets dump all our old catalogs on steam' so there were like 7 or 8 out of ten that were really old games, like pet hospital and pet hospital two, and my very own pet type of games.... Games that are shovel-ware, and effectively booted any chance of them actually making money due to limits of their ability to advertise it...

Except that the developer specifically told people to buy the bundle for a Steam key. The post stating that still exists on the Greenlight page. So yes, he's punishing all those who specifically bought under that promise.

Now he's trying to get Valve to revoke keys just to give keys back. This developer is an idiot. Plain and simple.

For the record, the game itself is apparently utter rubbish. It suffers crashes, poor controls, and bad game design.