The lights are on
This isnt really the fault of the Steam, its the fault of the developers. Steam just ties the game to the account they have nothing to do with in game profiles. Valve cant just have multiple profiles able to access the same game, it would be insanely exploited. Maybe I am wrong but I think for the multiple profiles to work on console doesn't it need to be a physical copy?
Valve is actually working to resolve this with family sharing, it is currently in Beta but it would allow for multiple steam accounts to access 1 library.