Earlier quoted context omitted.
I think Valve does have a reputation for having this type of model. They've famously expressed an intention to not go public or sell the company to anyone else. This is also what leads to them being a fairly small and selective company that can afford to cherry-pick employees, and that also has an allegedly more employee-friendly culture than others. Just like the recollection in the original post, they might have th…
I would argue that they made a really good early bet with Steam which rakes in enough profit that they can keep this (or whatever) mindset. They never really had competition in the PC space. If they would need to come up with new and better products each fiscal year they would look very different.
There are a bunch of companies trying to compete with valve. They are not behind any more of a moat than anyone else.