Kinda sucks for me, as I’ve almost exclusively used gift cards for the last few years. I get a bonus tax-free credit card by my employer, which I can only use at retail stores. So those were a great way for me to use that card to buy games. It was also a good option for people who wanted to avoid payment providers like Visa/Mastercard etc. Oh well.
They just see gift cards as a small portion of the market and can’t be bothered dealing with their problems anymore. There are other ways they could approach the issue: eg gift cards can only be for buying games, not DLC or in-game credit. Would lower their utility to thieves/scammers enormously - as they attempt to on-sell the cards in grey markets asap, or buying in-game items and immediately trading them (before the scam is reported).
This response sucks and it feels pretty fucking weak for a company as filthy rich as Steam.
Credit cards have many of the same problems, but I’m sure they won’t be bailing on them anytime soon (and insisting on linked bank accounts or something).