Valve has updated the Steam Subscriber Agreement. The updates affect your legal rights, including how disputes and claims between you and Valve are resolved. Among other things, the new dispute resolution provisions in Section 10 require that all disputes and claims proceed in court and not in arbitration. Please review carefully.
For comparison, here is a Wayback Machine snapshot from yesterday: https://web.archive.org/web/20240925000911/https://store.steampowered.com/subscriber_agreement/
The most likely reason is, in short, forced arbitration was a way to prevent consumers from collectively taking legal action, and attorneys ended up doing that anyway in a way that’s even more costly to companies like Valve than class action lawsuits.
It’s also caused some ugly press recently, and the US has already passed legislation prohibiting it in certain agreements. I’m not expecting it to be in terms of service agreements much longer.