Piracy is a non-issue for games that are intentionally put up as free downloads and where all the monetization relies on a digital goods that only really exist on a server.

It's actually pretty common to pirate the microtransactions these days, actually =P

What part of Steam's DRM do you not like?

This wasn't addressed to me, but I'd like to answer, if I may:

First, I'll note that I don't actively use Steam; it's possible that I still have an old account, but I haven't looked at it in years. Thus it's quite possible that I'm misinformed regarding Steam's DRM, and do stand to be corrected.

That said, I dislike, simply put, that it's DRM above the level of a CD-key. As I understand it, if were a Steam user, and if I were to lose access to my account, or be banned, or Steam were to go under under, or their servers be destroyed (however remote these possibilities may be), I would lose access to any games that were not already installed, at the least, and quite possibly all of them. With a DRM-free game, or even a game that uses an offline CD-key system, I can keep a backup and install from there, even if the original service from which I bought it were to disappear.

(I also dislike "call-home" based DRM on general principle, I think.)

(I do recognise, if I'm not much mistaken, that Steam does sell DRM-free games; the question, however, was about Steam's DRM.)

Steam's DRM free games can be burned to a CD/copied around with no issue I think.

Also, i worried about the same thing, as in the past week my steam account was locked (Potential theft attempt from Brazil).However, Steam's DRM layer's so completely cracked that if it did die, you could keep playing your games with no issues.

Seriously. I wanted to play Saints row 4 with my girlfriend while my steam was locked, and looking into how the cracks for it were made, I just had to replace the steam.api.dll and add an ini file that contained steam's expected values from the server (Along with set username/settings). We could play LAN with no issues after that.

I'd consider those a non-issue, really.

Steam's DRM free games can be burned to a CD/copied around with no issue I think.

As I said above, I believe, I do recognise that Steam does sell at least some DRM-free games; the question that I was answering, however, was specifically about Steam's DRM.

However, Steam's DRM layer's so completely cracked that if it did die, you could keep playing your games with no issues.

I'd much rather just have a DRM-free game than risk the use of cracks, which, if not carefully sourced, might destabilise the game or be infected by malware of one sort or another; with a DRM-free game, or one that uses DRM no stronger than a CD-key, there's little call for cracks in the first place.

Indeed, if the DRM has been so thoroughly cracked, then surely even the (highly dubious, I feel) advantage of having DRM falls at least partially away; might it not be preferable for Steam and any publishers that insist on DRM to just go DRM-free?

Possibly. I think the threat of downloading a virus is enough for the "DRM" tag to have something of an effect. Or maybe not, no one really knows.

All I know is, I was able to find a crack, crack my game, and play. Then, once steam was activated, I just verified game cache and resumed normal play. If steam were to die today, I'd just install the crack again. If DRM is like that, I have no issue with it. My problem is when always online/Uplay style garbage is installed.

All I know is, I was able to find a crack, crack my game, and play.

But why should that be called for in the first place?

With DRM-free games, as long as your system still supports the game, you'll probably be able to install it again, no cracks required.

My problem is when always online/Uplay style garbage is installed.

Ugh, on that I very much agree!