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It’s not about the “cut” you’re thinking; it refer to in-app purchases.
Once you bought a game, Valve keep demand a 30% cuts on anything you sell once the customer launch your executable (.exe, binary file/game engine).
hypothetical scenario to help visualize (it won’t go like that most of the time, but useful to understand the concept):
If a developer doesn’t like those terms, can’t they just remove their game from Steam or never release it there to begin with?
If a user doesn’t like those terms, they don’t have to buy the game.
Developers and users are voting with their wallets every day and the votes say Steam is worth the cost.