I apologize, but you are being completely and utterly ridiculous. First off, no one would ever lose "entire libraries" of games. It's simply impossible. Second, a "staff member" can't just revoke all of your games if they were having a "bad day". It's much more complicated than that. Third, are you seriously saying that multiplayer games are worthless? You can't possibly be serious right now, can you? In case you haven't noticed, many people enjoy multiplayer games. How would it be a complete waste of money, if you've already had potentially years, upon years, of fun and entertainment from that game? Explain this to me, because I'm lost. Also, who says people are buying games for $60? When was the last time you bought a game for $60? I have never bought a game for $60 in my life.
1: "Valve may terminate your Account or a particular Subscription for any conduct or activity that Valve believes is illegal, constitutes a Cheat, or otherwise negatively affects the enjoyment of Steam by other Subscribers", Section 4 of the Steam Subscriber Agreement. This means that Valve may close your account at their sole discretion. Particularly, the "Valve believes" portion: maybe they feel you've played it for too many hours? It's up to them to decide what that entails. Additionally, "You acknowledge that Valve is not required to provide you notice before terminating your Subscriptions(s) and/or Account, but it may choose to do so." Meaning they are not required to tell you that they've done so, or plan to do so. There are also plenty of stories of them just plain refusing to tell people WHY their accounts were removed.. You lose your account, you lose access to everything associated with it. And since steam keys are single-activation, that means you can't just associate a new one.
2: Sure, said staff member can get in a LOT of trouble. But yes, they can do that. And it's extremely difficult to recover from, given their poor customer service. Not that they're required to help you with it (See section 4 of the subscriber agreement, stated above.)
3: Yes, I am stating that multiplayer-only games are, in my opinion, a complete and utter waste of money. It's not worth it to spend money on a game that will eventually be rendered completely useless, with no offline recourse. It's why "The Division", "Destiny", and similar games are all pointless. You're spending money on something ethereal. Average shutdown for those games is 4-7 years. That's not a lot of time for a software product to be usable.
4: Fallout 4 (And NV, I believe), CoD Black Ops, CoD Black Ops 2, No Man's Sky, Civilizations 4-6 and Beyond Earth (Not counting the DLC), and pretty much every other AAA game, (initial release price). Sure, you haven't done so. Neither have I, because I wait for sales. Plenty of other gamers, however, spend time in line on launch day to spend a lot of money for new titles.
EDIT: Typo and Grammatical corrections
EDIT 2: If my earlier points weren't enough proof, here's their little nifty disclaimer at the end, stating that they don't guarantee that you'll always have access to your account, access to the content in it, or be able to USE the content in it, even if you DO have access to it. It's a standard disclaimer, and it makes sense, but it's another point that takes away a consumers rights: you paid for a game, you should get to play it:
"NEITHER VALVE, VALVE EU NOR THEIR AFFILIATES GUARANTEE CONTINUOUS, ERROR-FREE, VIRUS-FREE OR SECURE OPERATION AND ACCESS TO STEAM, THE CONTENT AND SERVICES, YOUR ACCOUNT AND/OR YOUR SUBSCRIPTIONS(S) OR ANY INFORMATION AVAILABLE IN CONNECTION THEREWITH."