Here in the US, the sections of the Steam agreement that pertain to Steam giving themselves the right to download any software they want onto your PC are legally binding. I see you are in the UK, I'm not sure about the laws there.
It's not a "conspiracy theory", it's what Steam has written into the agreement. The fact that it's in the agreement means that Steam paid lawyers some money to get it in there - it's not in there by accident, it's there because someone at Steam wanted to put it in. It's kind of preposterous of you to try and argue that EULAs are non-binding when virtually every sofware company in the world spends considerable time and money making sure that they have EULAs for every application they ship.
Isn't downloading pieces software onto users' PCs without their specific consent the definition of spyware? Or maybe a better word would be "trojan"?
Maybe you should read the Steam agreement, so you understand where I am coming from: http://store.steampowered.com/subscriber_agreement/
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