* GUI
* managing installations, including things like Proton to run Win32 games on Linux, and Fossilize to precompile shaders
* bandwidth-saving stuff like being able to transfer games locally
* being able to play remotely in a variety of configurations: LAN, WAN, or having a friend connect to your local session ("Remote Play Together")
* pretty good support for mapping any controller you have to any controller inputs a game wants
* cloud saves
* a bunch of community features like forums and broadcasting
* family sharing
* a VR runtime
* marketing for devs (regular sales, algorithmic recommendations etc)
* an API for devs with various services
* the backend infrastructure for all of the above
It's been around for a long time so it's quite feature-rich at this point. Lots of things that generally make sense to have.