When a monopoly is faced with a smaller, more efficient competitor, they cut prices to keep people from switching, or buy the new competitor, make themselves more efficient, and increase profits.
When Steam was faced with smaller competition that charged lower prices, they did - nothing. They’re not the leader because of a trick, or clever marketing, but because they give both publishers and gamers a huge stack of things they want.
When I was in college, our sportsball team won a game against the other guy’s sportsball team by not many points. Many hundreds of students started a chant going out of the sportsball arena, and four freshmen decided to light a couch on fire, apparently thinking they’d just blend in. The police were there immediately, firefighters put out the couch in a few minutes, and they all got hit with fines.
In short, I think you’re exactly right, and most sportsball fans just want to be loud and drink.