Not sure I'm understanding this but... how do you explain when we find in official retailers such as fanatical or humble same games at lower prices?
At least for humble store, they essentially sell steam keys. Which at least complicates that argument. So it is not really a different distribution channel and the product is available on steam for that price. Just not on the Steam store.
This I get, but couldn't valve simply say: "Go to epic store if you want lower fees"?
Steam have an effective monopoly here. Even if they have that because all the other platforms are shit. So the argument for just going to another store doesn't really help as that just causes a massive loss in the market share of who you can sell your game to. Plus if you consider the other requirements of if you sell on steam you cannot make your game cheaper via a different distribution method means that you have to eat that feeling and cannot pass it on to customers. Which does not give game Devs much power to negotiate for a lower fee at all.