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Yes and no, I think some DRM was required to get game publishers to even consider digital distribution. Also Steam’s DRM is entirely optional, many games use steam for distribution without any DRM.
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And it worked so well that people actively define DRM to include “Except for what Valve does”
As someone who “fought in the DRM wars” it is infuriating. But I have long since given up on convincing people that Steam’s user based authentication for the purpose of downloading (and now uploading, since network transfers) game files is DRM.