One of the issues in my country (Ireland) is that the President is not allowed to weigh in on political affairs - he must remain neutral. This is to safe guard the state from any future leader with ill intentions. In this regard the Government is regularly attacked by the opposition and the people for not doing enough when it comes to Israel's treatment of the Palestinians. The President, Michael D Higgins, has been agitated on occasion to speak up. This has resulted in him being repeatedly berated by the government for overstepping his authority.
There are two issues here.
1. That the Government is not doing enough.
2. That the Governments inaction is leading the President to overstep his position in protest.
Ideally the Government would take a strong position but that is unlikely in the climate we are in, ergo the President feels forced to speak for those that cant.
So, with that said, If Steam is a private company doing what most parents would regard as selling questionable content, and if it refuses to adequately moderate itself properly, then if a 3rd party, in this case the Payment Processors have successfully...presided, over the issue, fine..? HOWEVER this is the slippery slope, noting no single body should have this power and what else will they do now that they have tasted power.
Incompetence is abdicated authority, and someone else will step in to fill that void. Really this is Steam's fault (probably Newell himself, he clearly has a penchant for this paedophilic stuff) for allowing this in the first place.