Kinda, but its not black and white. For a start steam has a much longer track record of nearly 20 years not doing this, I’ve heard of them de-listing games and not allowing them to be sold any more but never of revoking games that have been sold. Secondly there are many games on steam that stream cant just revoke, games that use no DRM or DRM that isnt integrated into steamworks they cant just delete if you back it up.
But that being said there is the possibility of something like this happening on steam, which is why I’m glad there is still an active game piracy scene even if I dont use it any more.