Valve makes a significant amount of their money from the gambling they've attached to their games, and profits immensely from the culture of farming loot boxes to gamble on for skins and such.
They also take an absurd cut of developer income and saddle devs with costs that they don't always want. (Selling on Steam? Valve takes 30% and forces you to moderate the forums on your listing page that you cannot opt out of.)
They also have an internal culture that's been fairly regularly criticized as being pretty uncomfortable for women and minorities.
Valve has done some cool stuff, but let's not lionize them too much. They are probably better than an average company, for sure, but it's important to remember that they are also sketchy in some very gross ways as well.
If you were a dev selling a game years ago when physical distribution was the only method, you'd likely end up with a lot less than 70% after both the publisher and retailer take their cut.
https://www.latimes.com/archives/blogs/company-town-blog/sto...
Was having a discussion the other day with someone, and we came to the same conclusion. You used to be able to make yourself useful by doing the easy / annoying tasks that had to be done, but more senior people didn't want to waste time dealing with. In exchange you got on-the-job experience, until you were able to handle more complex tasks and grow your skill set. AI means that those 'easy' tasks can be automated away, so there's less immediate value in hiring a new grad.
I feel the effects of this are going to take a while to be felt (5 years?); mid-level -> senior-level transitions will leave a hole behind that can't be filled internally. It's almost like the aftermath of a war killing off 18-30 year olds leaving a demographic hole, or the effect of covid on education for certain age ranges.
Not disagreeing that this is happening in the industry but it still feels like a missed opportunity to not hire juniors. Not only do you have the upcoming skill gap as you mention, but someone needs to instruct AI to do these menial/easy tasks. Perhaps it's only my opinion but I think it would be prudent to instead see this as just having junior engineers who can get more menial tasks done, instead of expecting to add it to the senior dev workflow at zero cost to output.