Well, they fund it, usually, and then steal most of the profit. Then steal the IP so that good sequels cannot be made to good games. Why does EA have the rights to System Shock? They didn't invent the setting. They didn't write the game.
Valve is good in that Gabe can afford to tell the publishers where to stick it. Half Life was REDONE because Valve didn't think it was good enough. I think that paid off. EA cans games that are too innovative or won't make enough profit; they'd prefer a crap game in time for Christmas than a fantastic game in January. EA treats games like you'd treat a packet of pens or a chair; once it's sold, they don't care. Half Life has been given constant life for 6 or 7 years. What EA games are still supported?
Steam, although it presents some hassles, ultimately means that developers can create better games. The only remaining hassle is getting the money to develop a game, but that can be gotten in far fairer ways than the extortionate fashion the publishers currently work.
Example:
CoolGames is paid 1,000,000 to create a game by EvilCorp.
CoolGames creates a kickass game, SuperShoot.
SuperShoot sells a hundred thousand copies.
Coolgames get, say, 10%, which is $50 x 100,000 x .1 = 500,000 dollars. All this money goes to the publisher to pay off their debt.
Meanwhile, the publisher racks in, say, 50%. They get $50 x 100,000 x .5 = 2.5 million. They make a huge profit. Coolgames, now in debt to the tune of half a million dollars, goes out of business.
Fair?