So, when a game releases, buyers get the option to partially refund or commit, and valve uses the commit money to pay the refunds, so devs only make money if they keep more than half of their buyers, and customers have to consciously deal with sinking money into a potentially failed project.

At least right now the abandoned games are still labelled early access.

Most early access failures eventually just call themselves released at some point, so we’re no better off as far as that.

Not charging until the game properly releases is normal. Most devs need to manage and deal with that, and beta testing used to be an expense on the devs. Now, the buyers are paying the devs to beta test, taking the project risk for the devs. Even if the system were free to both sides, it’s still beneficial to the devs, but without the corruption of thinking they should be making money during beta testing–money that they’ll happily keep as they walk away if their project fails to deliver what they sold.

There’s a more fair solution out there than letting devs just sell their games before they finish.

Which is fair. Most people should not buy early access, and should wait for the devs to declare their project release ready. Early access buying is all risk and responsibility (to post feedback, to update Steam review if it’s out of date withe the project, to understand the individual project’s development pace, etc), with a lot of factors a buyer should take into account, that most people genuinely should not need to care about or wait for.

There are an insane number of Steam games already released to buy and play.

I follow lots of early access devs, and it’s not uncommon for some devs to blatantly post updates only strategically, fixing some minor thing as the next seasonal Steam sale approaches. Some continue even after leaving early access: serious issues in bug report threads, but some minor fix gets posted as the sale approaches, clearly to make the game look alive, even though none of the big stuff is getting fixed.

Plenty of devs are their own business side, anymore.