It depends, sometimes I go down the rabbit hole on their “Games Like This” suggestions on my favorite games’ store pages. I actually just found a cool one that way the other day called Ad Fundum. It was a funny coincidence since it came up suggested on a completely unrelated game, but I’d been wanting a game centered around digging underground.
But yeah, with literally over 100,000+ games on Steam, it’s become way too difficult to find quality stuff that isn’t AAA or indie games that struck it lucky with popular streamers giving them exposure. Which sucks for indie devs that actually put out their passion projects since it makes discoverability so hard, as others have pointed out here.
It’s definitely a crapshoot a lot of times. But there’s usually at least one or two on there that are similar enough that I might genuinely be interested in it. You can also forcefully hide games from showing up in suggestions, iirc. I’ve never done it, but some of my friends have recommended doing so in order to make Steam dig deeper for finding lesser known stuff. I’m not that big of a connoisseur, though.
Edit:
I recalled correctly, and it seems they’ve even made the Ignore button a lot easier to find (or I just never noticed before):