Valve announced a replacement feature for both Family Sharing and Family View. Currently in beta.
Features:
- up to 5 members
- game sharing
- parental controls
- allow access to appropriate games
- restrict access to the Steam Store, Community or Friends Chat
- set playtime limits (hourly/daily)
- view playtime reports
- approve or deny requests from child accounts for additional playtime or feature access (temporary or permanent)
- recover a child’s account if they lost their password
- child purchase requests
That’s only for VAC games, right? The historical advice given by modders is to share your library, and use another account to mod it. If you accidentally login to the online portion of a game with a mod enabled, only that account is banned not the library owner.
This specifically says that getting banned on a shared account will also ban the owner who shared the game. Likely to prevent exactly what you described, where people could evade bans simply by sharing their library with a throwaway account.