Apparently, Valve keeps getting builds that were never run through Steam at all, which is how games end up with broken launch options or missing depots.

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[–] 11 points 2 days ago

According to SteamWorks Documentation: A depot is a logical grouping of files which are all delivered to a customer as a single group.

In the simple case, that's probably an EXE and some DLLs plus maybe some graphics/music/etc. files (if they're not packed into the EXE) for a particular version of the game.

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