according to polygon gamestop's margin on new games was around 25%. So that's not massively different and steam absolutely provides more value for the developer than gamestop.
I don't really get the GS comparisons. GS was from a different time where your options for distribution on console was selling in brick and mortar stores or barely selling at all. they 100% can't justify 25% in 2023 as digital purchases supercede physical, but that's not when these rates were negotiated upon.