To add an example:

Take Cities: Skylines II. It's listed at $50 on Steam, $50 direct from Paradox. If Steam is taking 30% cut, Paradox sees $35 from each sale. Why is Paradox not listing the game at $40? They would earn an extra $5 per sale, and draw more sales.

They have every economic reason to undercut Steam, but they aren't. Like seriously, if not the PMFN, then what's the explanation?

I guess I'm confused. Are you contesting that the PFMN clause has an effect or not? Whether that effect is anticompetitive?