I agree that the steam machine was too early.
I don’t know how it could ever start from zero without having to go through a growing stage. I think it was just necessary to have modest expectations, and so far as I can tell, valve partnered with third party vendors and didn’t lose $$$ on it.
Moreover, the downstream effect has been to set the foundation for the Steam Deck, which has been a smashing success. It just takes time to build up a mature ecosystem.
Okay but Rolex is Rolex. There are uncountably many non-profits, and many (most?) do good work. I don’t think Rolex is representative of your usual non profit.