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Valve ban advertising-based business models on Steam, no forced adverts like in mobile games
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Issue tracker for Linux version of Steam
They are working on Proton for ARM devices and will probably try to sell the next Steam Deck with an ARM processor. It wouldn't be too far off for them to make Steam for phones if that becomes reality.
I'd be most excited if they just worked on SteamOS for phones too...Then the rest of the community could piggyback on that to catapult phone-Linux as our long awaited practical third option!
(And no, Android, especially modern googlized Android, is not Linux or FOSS enough by a longshot.)