When running Steam (with or without using __GL_CONSTANT_FRAME_RATE_HINT=3 steam as per Fedora documentation), a bunch of Steam processes are initialized. However, Steam itself does not show up. After a bit of digging, I found out that a lot of processes are "running" (more like hanged). Manually killing all Steam processes and re-running the application may help. In the end, occasionally it starts without issues. More often than not though, the processes hang.
My hardware specs are as follows : AMD Ryzen 7600X CPU Intel Arc B580 12GB GPU
I would suggest you open a bug for this issue. You can find out how to do this here https://docs.fedoraproject.org/en-US/quick-docs/bugzilla-file-a-bug/
Hopefully it can get resolved!
Metadata Update from @amoloney: - Issue close_status updated to: out of scope - Issue status updated to: Closed (was: Open)