Pheace: You think those stores get their keys from Steam?
AB2012: Steam key resellers really aren't competition to Steam. If Steam lost more money on key redemption than they gained the whole mechanism would have been shut down long ago. They allow it precisely because the gains from "locking in" pricing 'competition' to the Steam platform maintains an artifically high market share that outweighs the 'losses' in not directly profiting, ie, every Steam key redeemed still = a lost sale for Steam's actual competition. So the gains are indirect rather than direct, but Steam still gains from each key redeemed and by extension that's not real competition of actually competing store platforms at all (GOG, Epic, UPlay, etc). GreenManGaming, etc, may be "competing" with other key resellers for the users wallet at the very last link in the chain, but on a gaming store platform level / service provision as a whole, they simply aren't competition for Steam itself in the big picture of things.
I agree with this. The thing I don't agree with is this part:
"steam can simply rescind their right to sell keys if someone gets too competitive."
That simply doesn't happen. They don't even have direct contact with those stores, the publishers/devs do.