Eh, I joined knowing full well that I was trading permanent ownership and the risk of losing access if steam failed for the convenience of installing and updating without needing to do every game separately. I wasn't in the habit of trading in games anyway, and if I get an average amount of enjoyment across games then that works out whether I uninstall from steam or throw a box in the trash.
After using it for two decades steam is still the best decision I have made for gaming even of there is still a risk that they could go belly up or remove my games at will with no recourse. The few games I lost access to were online multi-player where the servers shut down, and physicsl media would not have avoided that. On the upside many games that would have lost support over time have always been available to install and run without needing to store physical media, and a combination of sales for lowered prices and a game just being available have made the platform my reliable go to.
Competitors like GoG that offer DRM free versions are another great avenue for people! I even have a couple of games from then, but convenience and consistent reliability has been the reason that I load a game in steam nearly every day even if just for a quick round. Basically the opposite of a hellscape in my experience, but then again I have had mostly reliable internet during that time.
On a side note, I have no idea what steam levels are or whar any of the steam perks stuff is. I just use it for launching games.