Hello @lmarianski, the nVidia proprietary driver requires that the running kernel module, 32 bit userspace libraries, and 64 bit userspace libraries are installed and have exactly the same version to work properly.
Whatever method you used to install the 470 series driver did not include the 32 bit userspace libraries (typically found in the lib32-nvidia-utils package). This is a distro packaging issue with the nVidia driver, not a Steam issue.
I'm guessing that you're using nvidia-utils-performance from the AUR, but have not updated lib32-nvidia-utils-performance to the matching version since I'm not seeing any other Arch packages that have this driver series yet.
Ah, yeah there's no official packages for the 470 driver version yet so i grabbed the beta packages from the AUR and updated the driver version there myself, didn't know that i also need the 32 bit versions, thanks!
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I'm getting this error when running steam after updating Nvidia drivers to 470.42.01