This EOS (end of support) is due to the lack of Chrome support in Big Sur. As said before, Google is ending support for Chrome in Big Sur. Believe it or not, Steam is just a browser. Everything from the store page, checkout, chats, and many more are all just webpages you can easily find. Valve (the company that owns Steam) doesn’t hide this. Steam has an address bar built in. Now, some features like the “Library” tab are not webpages, but they still use APIs and other ways to connect to the WWW (worldwide web). With the tack of Chromium support on Big Sur, Steam may not function how it’s meant to or not launch at all.
Said by Valve in this blog post:
“This change is required as core features in Steam rely on an embedded version of Google Chrome, which no longer functions on older versions of macOS. In addition, future versions of Steam will require macOS features and security updates only present in macOS 12 and above.”
This new EOS comes as Valve prepares to make Steam a Native Apple Silicon (M1-M5) app.