Same for me on Open Suse Tumbleweed - launching from terminal shows:
/usr/bin/steam: line 316: exec: /home/florian/.local/share/Steam/steam.sh: cannot execute: Exec format error
and looking at the .sh file mentioned, it is empty.
https://github.com/ValveSoftware/steam-for-linux/issues/13129 could be related
After multiple attempts to launch steam and also update it, it refused to launch. Also there were no error pop-ups.