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It dominates the market without any effort whatsoever to force companies to distribute exclusively through them or otherwise weaken competition because it’s far and away the best out there.
And EGS (and EA Play, and Ubisoft, and GOG, and…) show that just making a functional launcher is far from trivial.
Steam doesn’t require DRM.
The launcher is a massive value add, pretty much singlehandedly responsible for PC being a relevant gaming platform at all, and the features (that you can easily ignore) are also huge value adds to a significant number of people. There are no features that are “bloat”. There are things I don’t personally care about, but all of them are the single reason some measurable chunk of users prefers steam over anything else.