I had the same thing from an accidental purchase-- I purchased the PS4 version of a game instead of the PS3 version, and didn't actually have a PS4. After multiple exchanges and ultimately arguing my case with someone over the phone, they reverse the charge as a "one time courtesy"

The mere fact that you can "buy" a game on the Sony store that is available for multiple devices but not be able to play it on all of those devices is already ridiculous.

I've received three one time courtesy refunds. One game wouldn't start, and twice I've accidentally bought DLC rather than the game the DLC is for.

Can they legally even revoke your licenses to those games? Maybe they remove steam access but you’d still have the right to torrent those games?

Their TSA says the content licenses are tied to Steam. If you're banned from Steam, you lose the legal right to those games:

This license ends upon termination of (a) this Agreement or (b) a Subscription that includes the license. The Content and Services are licensed, not sold. Your license confers no title or ownership in the Content and Services. To make use of the Content and Services, you must have a Steam Account and you may be required to be running the Steam client and maintaining a connection to the Internet.

Suddenly steam games don't seem so cheap. They're hamstrung games compared to, say, back when you'd buy a nintendo cartridge and they'd basically have no control what you did with it then on (such as resell it on ebay or continue to play it whilst simultaneously disparaging them in public).

There really ought to be regulation around this. I fear it with Amazon and my Kindle library.

It's a bit of effort, but you can use Calibre (+ dedrm plugin) to backup your kindle content.

https://github.com/kovidgoyal/calibre