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Sure they're doing it for the simple reason of Steam machine owners being guaranteed Steam gaming customers
Tbf, they can't sell it at a loss because they aren't guaranteed Steam customers.
If it was sold at a loss, businesses could easily buy a bunch of them as workstations. Plus, it's just a PC with no lockdowns. If you buy a Steam Machine, there's no reason you couldn't reflash it with Windows and exclusively play games via EGS and Ubisoft Connect.