Earlier quoted context omitted.
> shiny tech and new games You mean Half Life with it's last full iteration from 10 years ago, and the second episode with a cliffhanger from 2009? Or the Source engine (HL2) which evolved from GoldSource (HL1) which was based on Quake 1 engine (with some parts from Quake 2 engine) - even the Call of Duty engine which aged well too is based on the more modern Quake 3 engine, and I wouldn't consider it shiny in 2016.…
You don't mention Portal 2, Dota 2, CS:GO, all the TF2 updates, Source 2, all the advancements to Steam, the Steam Controller, Steam Link, the Vive, the Lab VR demos. Sure the Battlefield team has made Frostbite which is shinier than Source. Did they also make their own store, gamepad, and VR headset?
Wii minigames in VR are still just Wii minigames, whole thing feels like something I'd expect from a hackday from a company as supposedly prolific as valve.
Got a strong feeling the talent is long gone.