They also have far better scaling on sales than they did in 2006, with tons of storefronts and easy access for anyone to download and play a game without needing to go to a physical store.
People like to complain about steam taking 30% of a sale, but it isn’t like game companies were getting 70% of a boxed game on a shelf. They had manufacturing, shipping, and a ton of other costs for physical media that they don’t spend on digital sales that can scale infinitely in an extremely short period of time because it can’t sell out locally.
If they are spending too much for their return, then they need to scale back their spending.