No this is specifically to allow a class action and avoid thousands of individual arbitration claims they would have to pay for, which would undoubtedly cost more than the class action they will settle.

The community figured out how to turn the forced arbitration provision against them.

No. Valve tried to force arbitration, which is strongly anti-consumer. When an action was brought against them an actual arbitrator ruled that it was more fair to let a lawsuit happen. With this precedent set, there's no longer any point for Valve's terms of service to mention arbitration. This is not a consumer friendly move, this was Valve/"Gaben" trying to fuck consumers and losing.