

This is exactly the information I was looking for.
It seemed like the key points from the medium post were:
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Nebula creators don’t actually own any of the company, but are promised a portion if the company is ever sold.
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They are likely funded by venture capitalists, and are masquerading as a form of co-op
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The sales pitch to subscribers is disingenuous because content creators are claiming to have 50% ownership, when they actually have 0%
I think you summed it up well. According to that post, they are a better option than YouTube, are friendlier to content creators, but are in serious lack of transparency
This article suggests Heroic Game Launcher for steam deck. Is that what you guys are using?