Gabe Newell, the head of Valve, seems to have hinted at it with a short answer…
Gaben going to a school to talk is intriguing (aside from the fact that it might have been costly, or the why question itself is something that might pop up… and you still shouldn’t bring up 3 in his presence). Okay, that can happen. But he had a short comment that seemingly hinted at the short-term plans of Valve, which might not be making games exclusively for Steam.
He got a question that said, „Will Steam be putting any games on consoles, or will it just say on PC?” Aside from calling Valve Steam, it’s a reasonable question. So, what did Newell respond with? „You will… uh… get a better idea of that by the end of this year.” This discussion was recorded and can be seen below, so it’s not a made-up idea or even a deepfake (which could be a problem in the future if artificial intelligence evolves a lot).
So, it could mean that Steam could show up on consoles, which looks unlikely at the moment (but it could be a big move if Gaben and co pull it off), but instead, it feels like Valve might be developing multiplayer titles, and one could be announced by the end of 2021. It’d make sense: their last console release was Counter-Strike: Global Offensive… in 2012, on PlayStation 3 and Xbox 360. Nothing has come out since. (Even though in 2008, The Orange Box was also on the PS3/X360 duo, including Team Fortress 2, Half-Life 2 and its two episodes, and the first Portal…)
We have no idea what the PlayStation 5 and Xbox Series could get. It might be nothing more than In The Valley Of Gods. This is a game handled by Campo Santo (who, as an indie team, has created Firewatch), which has been acquired by Valve. They indefinitely stopped developing this game to help to make Half-Life: Alyx. (And who knows, maybe this game is getting a possible PlayStation VR… 2? port.)
With Valve, you may never know…