Go and do a chargeback on literally any other service on this planet and see what happens, whatever account it is will get nuked from orbit.
Reselling didn’t even work back in the day with physical copies. The CD key was often only good for x activations, then at some point you had to call a support line. It’s a dubious argument.
Yes, pay to license a game that doesn’t belong to you isn’t great, but I’m confident that at least in the EU Valve wouldn’t get away with taking access away from an entire game library. Especially for random TOS violations.
But we haven’t had a single legitimate case so far, so discussing what might or could happen is moot.