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For backing up save games I use Game Save Manager and have it run on a weekly schedule and store the archived files in drop box.
The only possible value I can imagine for this level of redundancy is if your internet is so slow that downloading anything more than much is a huge burden. But then, any game updates are going to be super painful too, and that sort of problem doesn't really put you in Steam's primary demographic either.
Steam provides Cloud storage for saved game data to back up to. Of course, the publisher/developer of the game needs to allow for that to take place. As far as the actual game files, if you're not planning to play a game for a while, uninstall it. Then when you get back around to playing the it, you just reinstall it from Steam. Then, assuming the dev did their part, as soon as you start up the game, Steam will sync what's backed up in the cloud to your computer and your saved progress is all there.
If you were to backup game files to a cold storage, it will most likely need to be updated by Steam anyway but the time you get back to it.
If you're wanting to keep things local, there should be far better tools to automate that on your own than to bake it into Steam. Acronis, FBackup, etc.