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If anyone's actually spending $ for worthless points shop garbage, they have bigger issues than "corpo greed".
There are so many points floating around, there need to be a hell of a lot more point sinks to make them go away.
As for the why the answer is probably that they became counterproductive. Folks were probably abusing the freebies as an excuse to never buy anything. The entire point of comps is to get you the customer to spend more money. For you to buy games, to get those store points, to buy stuff on the store. The point of the shop pun intended is for you to shop.
The freebies constitute only a very tiny portion of the offerings in the points shop. I find it hard to believe that the revenue from any one of those sale events wouldn't even be able to cover the cost of the 2/3 freebies for it. If steam is really hurting for money so much that they have to cut back on those freebies, then they are in deep trouble.....possibly on the brink of collapse. Yet they are constantly making money hand over fist?