Every contract requires both parties to act in good faith and no provision in any contract permits a party to not do so - ever. This includes Steam and their right to terminate service. Just because its in the terms of service doesn't mean it'll be given the full effect Steam wishes. Further, there are likely remedies available under tort law and numerous state consumer protection laws.
In sum: The terms of service can say whatever it wants, but every provision isn't legally enforceable or given its full effect.
You guys really don't know what you are even paying for when you get a game on Steam, do you? You are not paying for a game. You are paying for the ability to play a game on a service. That SERVICE can be shut down at any time whatsoever for any reason. You have no right to any of the games under current U.S. Law because you NEVER OWN THEM.
I've only associated myself with Steam when I played Counter Strike nearly a decade ago.
I understand I only have a license to play the game and that it is subject to the terms and conditions and those are subject to the existence of the service. My point is that regardless of what they say in the terms as to your rights and their rights, each and every section of that shouldn't be taken at face value.