The window manager appears not to be relevant except in so far as it's providing the maximisation toggles. (I've tested with sawfish; behaviour is identical.)
This also happens if I shade then unshade the window (with server-side decorations enforced) or, unless the window is pinned to all workspaces, if I switch between workspaces. It does not happen if I toggle full-screen.
I'm reasonably sure that it's down to how the window's size is changed.
Having just done further testing, I see that this also happens when restoring the window from fully maximised by any method other than using Steam's own toggle-size button. (If using xfwm4's maximisation toggles, both axes have to be restored.)
(Looks like this is covered by part of #9386.)
This trigger for the blank browser component bug appears to be fixed now. (Build 1714160074)
Closing per the last comment.
This should not be closed: while the browser component blanking bug is (partly) fixed, the maximisation bug is still present. This bug report concerns the latter.
Nothing extracted yet.
Window manager is Xfwm4. Steam client build date is 1683926267.
Toggling maximisation along both axes via the window manager causes the browser component to display nothing but a blank background. It does not matter which axis is first or whether both are done together, and it happens in both the main window and in steamwebhelper windows.
To reproduce this, you will first have to assign key bindings for maximising the window horizontally and vertically or force the Steam window to have server-side decorations – this can be done using devilspie2 and the following in ~/.config/devilspie2/main.lua:
Xfwm4's window size toggling (via the window frame) is both axes, vertical and horizontal for the left, middle and right mouse buttons respectively.