"Failed to initalize player
Failed to initialize graphics.
Make sure you have DirectX 11 installed, have up to date
drivers for your graphics card and have not disabled
3D acceleration in display settings.
InitializeEngineGraphics failed"

I ran Steam client through KDE's Konsole and this is what it showed:
$ steam
steam.sh[2488265]: Running Steam on debian 12 64-bit
steam.sh[2488265]: STEAM_RUNTIME is enabled automatically
setup.sh[2488306]: Steam runtime environment up-to-date!
steam.sh[2488265]: Steam client's requirements are satisfied
CProcessEnvironmentManager is ready, 6 preallocated environment variables.
[2024-12-19 19:17:59] Startup - updater built Dec  2 2024 21:26:10
[2024-12-19 19:17:59] Startup - Steam Client launched with: '/home/ant/.steam/debian-installation/ubuntu12_32/steam' '-srt-logger-opened' '-nominidumps' '-nobreakpad'
12/19 19:17:59 minidumps folder is set to /tmp/dumps
12/19 19:17:59 Init: Installing breakpad exception handler for appid(steam)/version(1733265492)/tid(2488388)
[2024-12-19 19:17:59] Loading cached metrics from disk (/home/ant/.steam/debian-installation/package/steam_client_metrics.bin)
[2024-12-19 19:17:59] Using the following download hosts for Public, Realm steamglobal
[2024-12-19 19:17:59] 1. https://client-update.fastly.steamstatic.com, /, Realm 'steamglobal', weight was 900, source = 'update_hosts_cached.vdf'
[2024-12-19 19:17:59] 2. https://client-update.akamai.steamstatic.com, /, Realm 'steamglobal', weight was 100, source = 'update_hosts_cached.vdf'
[2024-12-19 19:17:59] 3. https://client-update.steamstatic.com, /, Realm 'steamglobal', weight was 1, source = 'baked in'
[2024-12-19 19:17:59] Verifying installation...
[2024-12-19 19:17:59] Verification complete
UpdateUI: skip show logo
Steam logging initialized: directory: /home/ant/.steam/debian-installation/logs
XRRGetOutputInfo Workaround: initialized with override: 0 real: 0xe91f1780
XRRGetCrtcInfo Workaround: initialized with override: 0 real: 0xe91f0050
steamwebhelper.sh[2488402]: Using supervisor /home/ant/.steam/root/ubuntu12_32/steam-runtime/amd64/usr/bin/steam-runtime-supervisor
steamwebhelper.sh[2488402]: Starting steamwebhelper under bootstrap sniper steam runtime via /home/ant/.steam/debian-installation/ubuntu12_64/steam-runtime-sniper.sh
steamwebhelper.sh[2488402]: Using CEF sandbox \(try with -no-cef-sandbox if this fails\)
steamwebhelper.sh[2488402]: Starting steamwebhelper with Sniper steam runtime at /home/ant/.steam/debian-installation/ubuntu12_64/steam-runtime-sniper/_v2-entry-point
Steam Runtime Launch Service: starting steam-runtime-launcher-service
Steam Runtime Launch Service: steam-runtime-launcher-service is running pid 2488548
bus_name=com.steampowered.PressureVessel.LaunchAlongsideSteam
exec ./steamwebhelper -lang=en_US -cachedir=/home/ant/.steam/debian-installation/config/htmlcache -steampid=2488388 -buildid=1733265492 -steamid=0 -logdir=/home/ant/.steam/debian-installation/logs -uimode=7 -startcount=0 -steamuniverse=Public -realm=Global -clientui=/home/ant/.steam/debian-installation/clientui -steampath=/home/ant/.steam/debian-installation/ubuntu12_32/steam -launcher=0 -use_xcomposite_workaround -no-restart-on-ui-mode-change --valve-enable-site-isolation --enable-smooth-scrolling --disable-gpu-compositing --disable-gpu --password-store=basic --log-file=/home/ant/.steam/debian-installation/logs/cef_log.txt --disable-quick-menu --disable-features=SpareRendererForSitePerProcess,DcheckIsFatal,ValveFFmpegAllowLowDelayHEVC
MESA-INTEL: warning: Haswell Vulkan support is incomplete
MESA-INTEL: warning: Haswell Vulkan support is incomplete
[2024-12-19 19:20:00] Background update loop checking for update. . .
[2024-12-19 19:20:00] Checking for available updates...
[2024-12-19 19:20:00] Downloading manifest: https://client-update.fastly.steamstatic.com/steam_client_ubuntu12
[2024-12-19 19:20:00] Manifest download: send request
[2024-12-19 19:20:00] Manifest download: waiting for download to finish
[2024-12-19 19:20:01] Manifest download: finished
[2024-12-19 19:20:01] Download skipped: /steam_client_ubuntu12 version 1733265492, installed version 1733265492, existing pending version 0
[2024-12-19 19:20:01] Nothing to do
/usr/share/themes/Breeze/gtk-2.0/widgets/entry:70: error: unexpected identifier 'direction', expected character '}'
/usr/share/themes/Breeze/gtk-2.0/widgets/styles:36: error: invalid string constant "combobox_entry", expected valid string constant
Desktop state changed: desktop: { pos:    0,   0 size: 1920,1080 } primary: { pos:    0,   0 size: 1920,1080 }
Caching cursor image for , size 32x32, serial 271, cache size = 0
BuildCompleteAppOverviewChange: 641 apps
chdir "/home/ant/.steam/debian-installation/steamapps/common/Nothing"
ERROR: ld.so: object '/home/ant/.steam/debian-installation/ubuntu12_32/gameoverlayrenderer.so' from LD_PRELOAD cannot be preloaded (wrong ELF class: ELFCLASS32): ignored.
ERROR: ld.so: object '/home/ant/.steam/debian-installation/ubuntu12_32/gameoverlayrenderer.so' from LD_PRELOAD cannot be preloaded (wrong ELF class: ELFCLASS32): ignored.
ERROR: ld.so: object '/home/ant/.steam/debian-installation/ubuntu12_64/gameoverlayrenderer.so' from LD_PRELOAD cannot be preloaded (wrong ELF class: ELFCLASS64): ignored.
ERROR: ld.so: object '/home/ant/.steam/debian-installation/ubuntu12_32/gameoverlayrenderer.so' from LD_PRELOAD cannot be preloaded (wrong ELF class: ELFCLASS32): ignored.
ERROR: ld.so: object '/home/ant/.steam/debian-installation/ubuntu12_32/gameoverlayrenderer.so' from LD_PRELOAD cannot be preloaded (wrong ELF class: ELFCLASS32): ignored.
Game Recording - would start recording game 2696480, but recording for this game is disabled
Adding process 2488879 for gameID 2696480
Adding process 2488880 for gameID 2696480
Adding process 2488881 for gameID 2696480
Adding process 2488882 for gameID 2696480
Adding process 2488978 for gameID 2696480
fsync: up and running.
Adding process 2488979 for gameID 2696480
Adding process 2488980 for gameID 2696480
Adding process 2488981 for gameID 2696480
Adding process 2488986 for gameID 2696480
Adding process 2488988 for gameID 2696480
Adding process 2488991 for gameID 2696480
Adding process 2489001 for gameID 2696480
Adding process 2489014 for gameID 2696480
Adding process 2489020 for gameID 2696480
MESA-INTEL: warning: Haswell Vulkan support is incomplete
MESA-INTEL: warning: Haswell Vulkan support is incomplete
Adding process 2489035 for gameID 2696480
Setting breakpad minidump AppID = 2696480
Steam_SetMinidumpSteamID:  Caching Steam ID:  76561197970882950 [API loaded no]
Adding process 2489052 for gameID 2696480
Adding process 2489055 for gameID 2696480
MESA-INTEL: warning: Haswell Vulkan support is incomplete
MESA-INTEL: warning: Haswell Vulkan support is incomplete