I'm willing to bet their initial set of data from that form was accurate, but now it's probably a joke because people have been lying just to mess around. Besides some satellites very far from Earth and intentionally imposing a bandwidth threshold on oneself, who even has a 33.6 kbps connection these days?
I stopped using steam because it seems to expect a broadband internet connection. It will often (sometimes without prompting) overwrite and re-download gigabytes of data
Recently it seems to be better about respecting download settings. The download size also seems to be an upper limit, for example Team Fortress 2 pretty much always showed up as a 10gb update download, but spent less than 5 minutes actually downloading files. Not sure if that estimation has been fixed recently, but it used to be the case.