Well, as someone said here, what MS did puts more pressure on EGS than Steam basically because Steam model is open and pretty much self-service (even if the cut is higher than the other two) while MS store with GP gives devs more opportunities to engage with users, so, let's be honest here.
Steam is classic model, self-service and open
MS is new model, Gamepass, mid-open, curated
EGS is classic model, self-service and curated
Which one is more irrelevant in the long term when it comes to system and adaptation?
Keep in mind that Steam works well with other stores pivoting around them like GOG or Itch and as I said, MS offers GP, what does EGS offer instead? I bet even more people use GP than EGS and that means visibility, hell, a lot of people try GP version and buy the game, so....