While I believe that Steam offers a good service, one that I am a huge advocate of, I would still caution against hoping for a monopoly. It is a pita to have a bunch of launchers but I think it's important to have that diversity of storefronts. The problem is that none of them offer a service that even remotely competes with Steam. For instance, Epic has decent deals on games sometimes and their free game a week shouldn't be looked over, but the service on the whole is *so* subpar. The launcher infamously had security issues, doesn't track gametime, has issues with achievements, offers no profile customization, no real library management, and no real social features.
I genuinely believe that the best we can hope for is a bunch of PC gaming stores without exclusivity that offer cross play and compete with features and game sales. Maybe that's asking for too much though.
As for the loss of physical media, that's a tougher one for me. I'm not necessarily as nostalgic for it as many are, and I have no desire to hold a copy, but I do agree that there is a problem with how we as consumers view software ownership. Losing access to something that you paid money for is really not ok, and the notion that a dev or publisher can erase a game from existence by shutting down servers and never allowing the community to either emulate or run their own servers brings up much larger questions.