They have the money and the technical talent to make a good launcher. They just appear to choose not to.

This is completely the case. You can’t tell me the makers of Unreal Engine couldn’t figure out how to replicate at least some of the more commonly used features of Steam. Of course they can do it. Someone somewhere in the corporate ladder decided they don’t need the extra features to compete with steam. Maybe burning money on the exclusivity contracts and game giveaways will work out in the long run, but I doubt that when they flat out said they’re spending more money than they earn in their 800+ person layoff just a few months ago.