I don't think one excludes the other. I want DRM-free games, but I would also like a launcher like Steam, so I don't have to manage my library most of the time. For example, I have 1000+ games, of which I only care about, let's say, 50.

With a launcher, I can back up the 50 I care about and leave the storage of the rest to it. If they were to disappear without warning, I don't ~really~ care, but I still have easy access to them. Then the launcher can also take care of compatibility issues with old games automatically. Say a game is dependent on X, which was made in the Win XP times and no longer works, the launcher can find a modern fork/substitute and auto replace it, so that I don't have to fuck around with it myself.. There's value in it.

Then you get the platform itself with good guide integration, mod workshop integration, friends (game invites, sharing, etc), combined store...

It's kinda like what I believe GOG is trying to do, though I'm not very familiar with them since I just don't like how much their launcher pings (blows through my NextDNS usage limit in a week).