My point was it’s likely within Steam’s rights and terms and conditions. If they needed to or wanted to they likely could remove a game from someone’s library but they likely know the overwhelming backlash that they would face.
For example games like Rimworld and Disco Elysium were, at a time, banned in Australia. I don’t believe they were removed from online storefronts but if there was ever enough legal pressure maybe something could have happened. There is a Steam Support page for regional restrictions but it doesn’t mention anything in regards to accessing games that have become banned in your country, contained malicious code, or somehow were infringing on copyrighted materials.
On a sidenote I imagine removing Steam’s DRM using a Steam emulator is in some ways against their terms and conditions. Even though there are some DRM free games on Steam like the original Fallout if I am remembering correctly.
Edit: In regards to my last point I think this is the section from the subscriber agreement that may involve Steam emulators
“… host or provide matchmaking services for the Content and Services or emulate or redirect the communication protocols used by Valve in any network feature of the Content and Services, through protocol emulation, tunneling, modifying or adding components to the Content and Services …”