Upgrade to F40 broke steam

Under F39 I was able to reliably play Steam games. Since upgrading to F40 I’m able to start Steam and select a game in my library, but when I click PLAY, Steam spends less than a second launching then shows PLAY again. I know the GPU works because I can use it to render a scene in Blender. The symptom is the same whether I launch it from the menu or command line. The command line gives me the error message /home/haas/.local/share/Steam/steamapps/common/Skyrim Special Edition/SkyrimSELauncher.exe: cannot execute binary file
which isn’t very helpful. Steam verifies the integrity of the files. Here’s my system:

  Kernel: 6.8.9-300.fc40.x86_64 arch: x86_64 bits: 64 compiler: gcc
    v: 2.41-34.fc40
  Desktop: Xfce v: 4.18.1 tk: Gtk v: 3.24.41 wm: xfwm4 dm: LightDM
    Distro: Fedora Linux 40 (Xfce)
  Type: Desktop Mobo: ASUSTeK model: PRIME X570-PRO v: Rev X.0x
    serial: <superuser required> part-nu: SKU UEFI: American Megatrends v: 3405
    date: 02/01/2021
  Device-1: hidpp_battery_0 model: Logitech Wireless Mouse M525
    serial: <filter> charge: 100% (should be ignored) status: discharging
  Info: 8-core model: AMD Ryzen 7 3700X bits: 64 type: MT MCP arch: Zen 2
    rev: 0 cache: L1: 512 KiB L2: 4 MiB L3: 32 MiB
  Speed (MHz): avg: 2199 high: 2200 min/max: 2200/4426 boost: enabled cores:
    1: 2200 2: 2196 3: 2200 4: 2196 5: 2200 6: 2196 7: 2200 8: 2200 9: 2196
    10: 2200 11: 2200 12: 2200 13: 2200 14: 2200 15: 2200 16: 2200
    bogomips: 114986
  Flags: avx avx2 ht lm nx pae sse sse2 sse3 sse4_1 sse4_2 sse4a ssse3
  Device-1: NVIDIA GA102 [GeForce RTX 3080 Lite Hash Rate] vendor: ASUSTeK
    driver: nvidia v: 550.78 arch: Ampere pcie: speed: 2.5 GT/s lanes: 16 ports:
    active: none off: DP-2,HDMI-A-1,HDMI-A-2 empty: DP-1,DP-3 bus-ID: 09:00.0
    chip-ID: 10de:2216
  Device-2: Valve 3D Camera driver: uvcvideo type: USB rev: 3.2
    speed: 5 Gb/s lanes: 1 bus-ID: 2-2.1:3 chip-ID: 28de:2400
  Display: x11 server: X.Org v: 1.20.14 with: Xwayland v: 23.2.6
    compositor: xfwm4 v: 4.18.0 driver: X: loaded: nvidia
    unloaded: fbdev,modesetting,nouveau,vesa alternate: nv
    gpu: nvidia,nvidia-nvswitch display-ID: :0.0 screens: 1
  Screen-1: 0 s-res: 2560x1440 s-dpi: 96
  Monitor-1: DP-2 note: disabled model: Nvidia res: 640x480 size: N/A
  Monitor-2: HDMI-A-1 mapped: HDMI-0 note: disabled model: Cintiq Pro_16
    res: 640x480 dpi: 284 diag: 395mm (15.5")
  Monitor-3: HDMI-A-2 mapped: HDMI-1 note: disabled pos: primary
    model: Samsung LC32G7xT res: 2560x1440 dpi: 93 diag: 806mm (31.7")
  API: OpenGL v: 4.6.0 vendor: nvidia v: 550.78 glx-v: 1.4
    direct-render: yes renderer: NVIDIA GeForce RTX 3080/PCIe/SSE2
  API: EGL Message: EGL data requires eglinfo. Check --recommends.
  Device-1: NVIDIA GA102 High Definition Audio vendor: ASUSTeK
    driver: snd_hda_intel v: kernel pcie: speed: 16 GT/s lanes: 16
    bus-ID: 09:00.1 chip-ID: 10de:1aef
  Device-2: AMD Starship/Matisse HD Audio vendor: ASUSTeK
    driver: snd_hda_intel v: kernel pcie: speed: 16 GT/s lanes: 16
    bus-ID: 0b:00.4 chip-ID: 1022:1487
  Device-3: Valve VR Radio driver: cdc_acm,hid-generic,usbhid type: USB
    rev: 2.0 speed: 12 Mb/s lanes: 1 bus-ID: 1-2.3.2:5 chip-ID: 28de:2102
  Device-4: Valve VR Radio & HMD Mic
    driver: hid-generic,snd-usb-audio,usbhid type: USB rev: 2.0 speed: 12 Mb/s
    lanes: 1 bus-ID: 1-2.3.3:6 chip-ID: 28de:2102
  Device-5: C-Media Blue Snowball driver: hid-generic,snd-usb-audio,usbhid
    type: USB rev: 1.1 speed: 12 Mb/s lanes: 1 bus-ID: 5-2.1:3
    chip-ID: 0d8c:0005
  API: ALSA v: k6.8.9-300.fc40.x86_64 status: kernel-api
  Server-1: PipeWire v: 1.0.6 status: active with: 1: pipewire-pulse
    status: active 2: wireplumber status: active 3: pipewire-alsa type: plugin
    4: pw-jack type: plugin
  Device-1: Intel I211 Gigabit Network vendor: ASUSTeK driver: igb v: kernel
    pcie: speed: 2.5 GT/s lanes: 1 port: f000 bus-ID: 05:00.0 chip-ID: 8086:1539
  IF: enp5s0 state: up speed: 1000 Mbps duplex: full mac: <filter>
  Local Storage: total: 13.19 TiB used: 976.4 GiB (7.2%)
  ID-1: /dev/nvme0n1 vendor: Samsung model: SSD 980 PRO 500GB
    size: 465.76 GiB speed: 63.2 Gb/s lanes: 4 serial: <filter> temp: 50.9 C
  ID-2: /dev/nvme1n1 vendor: Samsung model: SSD 980 PRO 2TB size: 1.82 TiB
    speed: 63.2 Gb/s lanes: 4 serial: <filter> temp: 58.9 C
  ID-3: /dev/sda vendor: HGST (Hitachi) model: HDN726060ALE614
    size: 5.46 TiB speed: 6.0 Gb/s serial: <filter>
  ID-4: /dev/sdb vendor: HGST (Hitachi) model: HDN726060ALE614
    size: 5.46 TiB speed: 6.0 Gb/s serial: <filter>
  ID-1: / size: 464.16 GiB used: 12.83 GiB (2.8%) fs: btrfs dev: /dev/dm-0
    mapped: luks-7b354766-7ee4-435e-9a57-4784c8ff8f5b
  ID-2: /boot size: 973.4 MiB used: 371.4 MiB (38.2%) fs: ext4
    dev: /dev/nvme0n1p2
  ID-3: /boot/efi size: 598.8 MiB used: 19 MiB (3.2%) fs: vfat
    dev: /dev/nvme0n1p1
  ID-4: /home size: 1.79 TiB used: 963.19 GiB (52.6%) fs: ext4
    dev: /dev/dm-1 mapped: home
  ID-1: swap-1 type: zram size: 8 GiB used: 0 KiB (0.0%) priority: 100
    dev: /dev/zram0
  System Temperatures: cpu: 46.0 C mobo: 53.0 C gpu: nvidia temp: 55 C
  Fan Speeds (rpm): fan-1: 1569 fan-2: 0 fan-3: 0 fan-4: 0 fan-5: 0 fan-6: 0
    fan-7: 0 gpu: nvidia fan: 0%
  Memory: total: 128 GiB note: est. available: 125.7 GiB used: 6.01 GiB (4.8%)
  Processes: 446 Power: uptime: 7h 44m wakeups: 0 Init: systemd v: 255
    target: graphical (5) default: graphical
  Packages: pm: flatpak pkgs: 9 Compilers: gcc: 14.1.1 Shell: Bash v: 5.2.26
    running-in: xfce4-terminal inxi: 3.3.34

I was planning to give my experience but it probably would not help.
I note you are using the xfce spin and I am on the basic workstation with gnome. Steam works properly on mine.

$ neofetch
         .';:cccccccccccc:;,.            ----------------------- 
      .;cccccccccccccccccccccc;.         OS: Fedora Linux 40 (Workstation Edition) x86_64 
    .:cccccccccccccccccccccccccc:.       Host: B550M Pro4 
  .;ccccccccccccc;.:dddl:.;ccccccc;.     Kernel: 6.8.9-300.fc40.x86_64 
 .:ccccccccccccc;OWMKOOXMWd;ccccccc:.    Uptime: 11 hours, 48 mins 
.:ccccccccccccc;KMMc;cc;xMMc:ccccccc:.   Packages: 4117 (rpm), 23 (flatpak) 
,cccccccccccccc;MMM.;cc;;WW::cccccccc,   Shell: bash 5.2.26 
:cccccccccccccc;MMM.;cccccccccccccccc:   Resolution: 3840x2160, 1920x1080 
:ccccccc;oxOOOo;MMM0OOk.;cccccccccccc:   DE: GNOME 46.1 
cccccc:0MMKxdd:;MMMkddc.;cccccccccccc;   WM: Mutter 
ccccc:XM0';cccc;MMM.;cccccccccccccccc'   WM Theme: Adwaita 
ccccc;MMo;ccccc;MMW.;ccccccccccccccc;    Theme: Adwaita [GTK2/3] 
ccccc;0MNc.ccc.xMMd:ccccccccccccccc;     Icons: Adwaita [GTK2/3] 
cccccc;dNMWXXXWM0::cccccccccccccc:,      Terminal: gnome-terminal 
cccccccc;.:odl:.;cccccccccccccc:,.       CPU: AMD Ryzen 7 5700X (16) @ 3.400GHz 
:cccccccccccccccccccccccccccc:'.         GPU: NVIDIA Geforce RTX 3050 
.:cccccccccccccccccccccc:;,..            Memory: 5594MiB / 32009MiB 

Have a look at sudo dmesg before and after a failure.
What new logs do you see?