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I think he meant over LAN if I'm not mistaken, otherwise yeah it would.
And yes, I do mean over LAN - sorry if that wasn't clear.
Anyway: the Steam guys have definitely thought of something like this. I did see some evidence a while back that they started work on it, but there hasn't been any movement on it in a while. You're pretty bang on the money that it's a logical extension from stuff like Steam clients being able to see each other on a local network.
I've not tried it - but here: https://steamcache.github.io/
Agree with the P2P idea, but it should be off by default for security, and preferably detect networks so it can disable itself on a new network (such as if you visit a motel and use their WiFi).
Steam's download system is explicitly designed to be cacheable; that's why the various Steam cache implementations have sprung up. The flip side of that is that people could potentially run malicious caches; Steam defeats that by checking the validity of everything it downloads against hashes. If a peer did try to send you data that had been modified, maliciously or otherwise, it would fail the check against the hash and Steam would reject it.
The only remaining concern would be the networking code having a bug which caused a security issue. But sending files is pretty easy to implement correctly.
One possible workaround, though it may not be suitable for a laptop that is used for gaming on the go, would be to point all your steam library folders for all your systems to a shared network drive on a single computer. Although I don't know enough about how steam validates its downloads based on the user downloading a particuliar game to know if this would work or break things in a spectaculiar manner for multiple accounts using the same shared library folder.