Epic building a launcher that has equivalent features to Steam would do nothing. Everyone wants all their games in one place, and everyone already has their friends list there.

Getting exclusives and giving away games is probably the only way they could even enter the market. Yeah the launcher kinda sucks, but Valve has decades of development that they’ve poured into Steam, it isn’t simple to just copy everything. There was a time that Steam sucked.

Steam is a de-facto monopoly. They luckily don’t really do anti competitive practices, they just focus on having a great product, and that’s why people (myself included) love them. But I don’t think another company can ever really enter the PC market without a few tricks like exclusives or free games.