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I don't think it's quite true that Valve has completely given up on developing. Their last release is Dota 2 from three years ago. If you follow the rumor mill,

I don't think it's quite true that Valve has completely given up on developing. Their last release is Dota 2 from three years ago. If you follow the rumor mill, there's often asset leaks going out from various source updates to TF and Dota2 - development certainly hasn't stopped, it just seams that they only announce something when they know they have something that sets new standards.

aethr 10y ago
Valve released a complete engine rewrite for Dota 2 only about 12 months ago, Dota 2 Reborn. They also release major game updates regularly. Aside from Steam, Valve (the developer) seems to be putting a lot of focus on esports right now. Many of the recent updates to Dota 2 seem to be new features and quality of life improvements for casters and spectators.
M_Grey 10y ago
You're right, and I phrased that badly. I should have said that they're continuing development for their existing properties, but not developing new games.