One thing I see as underestimated is that having a major standard device is huge for indie development and could greatly benefit the most flourishing artistic landscape.
One of the problems today is that the indie and AAA markets are increasingly distant, publishing a game on the PS5 or XSX digital store is prohibitive for a small indie team, but if Steam Machine is successful, we can expect more easy access to indie games by (ex)console gamers, and later a reduction in publishing costs on consoles.
I believe Steam Deck has already started this process, but with a device that will compete with the 9th generation of home consoles the indie game diffusion could accelerate.
Steam hardware has so far been pretty niche, though. If the user experience is smooth enough, a SM could replace many people’s xbox/playstation.
We’re like 5y into the PS5/XBSX, new games are jumping up to $70-100 each, and hardly any are platform exclusives. Msft have all but canceled the next Xbox, and if Sony tries to push the PS6 in a few years, I think there’s a world where a good chunk of people say nah.
And with the amount of attention Linux is getting from the win10 eol, we could be at the beginning of an historic inflection point in gaming.