

Yes, that’s basically it. It’s a backup, with the intent of being the most comprehensive and secure backup, not controlled by a single company (other than this organization off course). As long as it gets funded by various sources, this should be available in the future. Hopefully.
Some additional personal thoughts: This should have better chances to archive than Internet Archive does, as they only archive content that is Open Source (as far as I know). And a reason why big companies fund this is probably they want to use it for Ai… just my speculation on my part…

That is an indirect issue. These companies are not in charge of Valve and do not business decisions for Steam.