I would totally love to see a Steam release of Pico-8, it would just make it easier to reach a broader audience imo, its probably not on Steam because it just doesn't convince the developer.
There is a listing for a Steam project that will play Pico-8 carts, but wouldn't be an actual port of Pico-8. It's called PEMSA and its listed as free, scheduled to be released Q1 2021 ... so I guess we'll see. They didn't exactly get a warm welcome from the Steam crowd.