To entirely skip the steam cycle portion is to intentionally make a much less efficient design.
For space-constrained, high-value, applications where economics don't matter that much, such as a submarine, that would make sense, but otherwise...
(I'm still not convinced of their explanations, but a fast proton may be easy to catch by the magnetic field and create the effect they want.)
See the diagram here: https://undsci.berkeley.edu/teach-resources/products-of-deut...
With fuel costs insignificant, your cost per kWh is mainly capital cost. Let's say it's all capital just to keep it simple. I don't know how much the input energy will be but if your choice is between, say, generating net energy of 50MW without a turbine or 54MW with a turbine, then you would skip the turbine if it adds more than 8% to the capital cost. I suspect Helion has done this calculation in detail.
Helion's other fuel is helium-3 which they'll make themselves by fusing deuterium. So the helium-3 cost will directly depend on the capital cost of the reactor producing it.
However, D+T fusion is the only type of fusion that we have been able to sustain for any significant amount of time with reasonable energy inputs. What Helion is planning to do is completely unexplored and requires some major scientific advances.
https://www.helionenergy.com/faq/
(See "How does Helion generate electricity from fusion?" question)