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I think they got in trouble with Nintendo™.
It is still possible to add it to your library as non-steam game.
Dolphin also works on the Steam™ Deck, which is great!
From what I heard, Valve actually reached out to Nintendo to see if they would be ok with hosting it. Nintendo obviously said no so Valve stopped going ahead with the launch. Here is an article straight from dolphin themselves explaining what happened.
Did you mean to link the same post as OP did?