Valve claims to be a "non-hierarchical" workplace, but just like any other capitalist business, the workers are not the owners. The hierarchies are unspoken, hidden behind a bad-faith facade of friendliness, which can only make working conditions worse, produce anxiety and abuse.
Note that this isn't exclusive to capitalist businesses - leftist organizations that claim "non-hierarchy" but do not recognize and account for actual differences of power people bring into it (social/cultural capital, wealth, privilege, etc) will reproduce similar dynamics