I always felt there was promise to a new store with a big backing to challenge Steam. I think Steam is great and it's my primary PC games store, but I see the concern of only having one real player in the market. But EGS simply hasn't done it. It feels like they recognized the reasons Steam is such a huge player in the space; it's not just the library and the sales, but the level of consumer-focused support and features the platform offers. And that's the key, Steam is a platform, not just a store.
EGS has never become a platform. It's missing features, it's social features are anemic, it's like they put some effort in to get it off the ground and not broken, and then have just hoped giving away free games will somehow magically convince people to spend money there.
I think there's reasons to be concerned about Steam, but you cannot ignore how broadly consumer friendly the platform is. Their hardware initiatives only highlight what a complete package their ecosystem is and they're loaded with some of the most consumer-friendly choices in the industry.
EGS is stuck in no-man's land. Steam is a better platform, GoG is more consumer-friendly. Humble has Choice which can be a good deal. Fanatical does a better job with sales and credit from purchase. EGS just kind of sits in a no-mans land with no compelling features other than you don't need to spend money to get games, which is great for us but a terrible business strategy for Epic.