Now to play a game I really want to play (I own all the Fallouts, except the one that was console only) I am forced into installing something I don't want, trust or need.
I don't want, trust, or need HDCP. It does nothing but cause problems for me. If I want to watch Blu-Ray movies legally, though, I'm forced to deal with it. Their product, their rules, and Steam is a lot better than most of the alternatives. Steam has a pretty small footprint and is non-invasive compared to other forms of DRM. Does it really matter that it's a 3rd-party app? Do you really have any reasons not to trust Valve?
Anyway, like I said, I'm not a big fan of it either, I just think that people are making a bigger issue out of it than it is, and for strange reasons. Now, if we want to complain about how we can't sell our licenses if we want to I'll be happy to switch sides of the argument.