From other threads, Steam lets developers generate steam codes for free, and sell them elsewhere; it only gets its cut if the sale happens on Steam.
They also don't have a history of making inconsistent review decisions that seem to be business oriented rather than customer oriented. I'm sure there's some examples, but most of the publicized removals have been for things like totally broken in unfun ways games, and games where a totally different game was published in the same slot. Often, customers get refunded for purchases when things like that happen.
I think Steam has also earned a fair amount of goodwill by not being as terrible as most other game download services, but maybe that's just my perspective.