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From what I've read over the years that is only partially true. The Developers/Publishers decide which offer from Valve to accept, Valve suggests the discounts and the time they appear.
Just like Valve makes suggestion on regional pricing, which is why for example the cheaper EU tier is very rarely used these days.
I still can see games for like 20-40 cents though
Rest assured that most of those deeply discounted games (based from my own experience that is) are very rarely any good. There are of course exceptions but you really need to dig to find a hidden gem.
There usually was a 'hidden gems' thread every sale on SPUF.
and same here, sitting on almost 11 euro on my main ^^ although I learned to control my buying OCD
THere still are.. they just aren't the sort of games you'd want to spend money on.