Right, but they run the risk that the kind of people who are upset with Apple not because Apple have made a general boneheaded move but who are specifically exercised because Apple has removed their flag, will now see Valve as some kind of hero and start acting like Valve is on their side.

While valve may see themselves as supporting free speech advocates, they're also, incidentally and presumably (hopefully) unintentionally, pandering to, and risk validating, racist bigots.