Then technically I am correct? If Valve just shuts down, it’s all gone. You might find a workaround for some of the stuff you happen to have downloaded right now, but in general, everything you “bought” is gone.

If gaben decides tomorrow to shut it all down, everything is gone. They might have a lot of good will based on past behavior, but in the end it’s still a company and you have zero control over what they do. You don’t actually own any of those games.