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It works for EA because they are their own publisher and accepted the financial risk.
It works for Microsoft because Microsoft was willing to foot the bill in advance for the games in the pass. Microsoft is actually taking a net loss to gain exposure in the hopes of selling more games.
Valve doesn't need such exposure. Steam is THE PC platform.
GabeN doesn't want to add a subscription to Steam, at this time.
GabeN would work with MS to bring Gamepass to Steam or any other dev/pub that wants to add a subscription to Steam, if they want to. The same way they parneted with EA to bring them back to Steam along with EA Play.
https://www.pcgamer.com/valve-has-no-plans-for-a-steam-pass-but-would-help-microsoft-put-game-pass-on-steam/
https://www.ea.com/news/ea-and-valve-partnership
Don't forget Playstation Plus.