Let me try and understand this by altering the product.
Valve now produces cars and the devs are people who make these cars inside factories. Same as is currently the case, these employees get cars cheaper and are asked to not undercut the seller by holding onto the cars for a certain amount of time before selling them used.
It does make sense for me to view it that way. One could argue that the couple cars that get sold by employees doesnt do anything to hurt the brand and that pressuring them to keep the price high manipulates the market.
Also, doesnt the work of steam accumulate to hosting mirrors of a game and hosting a large website they get billions in revenue for?