GOG Galaxy is actually amazing in what it accomplishes, GOG just don’t have the resources to make it frictionless.
Gamepass is probably the main competition for Steam at this point. Publishers have been busting to make games run on the cloud, it’s the ultimate DRM, the ultimate goal of the erosion of ownership.
There will be a time where there is a push towards partial-cloud gaming and then fully cloud gaming, and it will be hard for PC gaming to compete in the mainstream when you buy an Xbox dongle for $50 and game as soon as you plug it in. That’s the real threat to Valve.