
Maybe if they gave percent-off coupons, but otherwise it’s definitely not. The big console companies subsidize consoles because they know people are going to buy games for that system, probably on their digital storefront, and thus they’re going to earn that subsidy back in the profits from those sales. Even if people buy physical copies, the licensing fees come back to the console manufacturers.
But with Steam credits, that’d just be loss on the other end.


There’s no z in the Valve equation, though, because they’re not locking you in to their ecosystem on the device.
You’re right about Sony: They sell a console for x (cost of console) - y (subsidy) + z (profit from Playstation games). They’ve calculated that z is going to be significantly more than y over the life of the console, on average. Nearly every game anyone ever plays on a Playstation will involve some amount of money going to Sony. You can’t really do anything else with it.
But with Valve, if they sell a console for x (cost of console) - y (game voucher), there’s no guarantee of any z (profit from Steam games). A ton of people could (and probably will) buy games from third-party stores, or only use the Steam Machine for retro gaming, or pirated games, or as a media console, or have already-existing Steam libraries. A lot of people would use that voucher and never buy anything else on Steam, or only buy a few games on Steam sales. Only a fraction of games ever bought will go to Valve because it’s not a locked-down console.