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Technically you don't own your Steam games too. As far as game platforms go, it's just GOG and Itch.io where you actually own the copy, right?
No. As a general rule with all software, you purchase a license to use the software, not the actual software itself. That being said, GOG and Itch.io can't yank games that you've already downloaded. I don't know if Steam does or not, but it probably can.
https://store.steampowered.com/subscriber_agreement/
The Content and Services are licensed, not sold. Your license confers no title or ownership in the Content and Services. To make use of the Content and Services, you must have a Steam Account and you may be required to be running the Steam client and maintaining a connection to the Internet.
But steam some track record for keeping game. Game removed from store (like rocket league) still in library.
Yes but if Valve goes bankrupt (unlikely today but the winds may change), imagine the amount of backlash caused by people not being able to download "their" games since the servers would have been sold.
No need imagine. Look at wii store down, 3ds store down. People hate it. Also backlash to who? Steam? They dead. Industry? Maybe do impact a little.
Really hope steam at least patch out steam server require to play if they die.
Steam apparently has a backup plan in case of a looming bankruptcy. But they never elaborated on what that is.