General Discussion

However, he is second degree of the Brown Coalition, so he can make up for a lot of the grassroots goodwill Newsom has lost when trying thread the needle between SF Tech donations and mainstream Dems. He also has extensive California Issues experience that could translate into Governance experience.

Swallwell had an effective local and national Anti-Trump story, like Katie Porter has a good national Anti-Corporation story. I haven't been hearing a lot of "California issues we have plans to fix" - because honestly, California really does need to plan its own needs, rather than wait to work with the National governance to step in and help fix with a "one size fits all" plan. California is a huge, diverse state with dozens of dozens of different local economies, all needing differing solutions.
That's why I've always preferred Becarra.

Swallwell and Porter also both have personal issues that can be run against, much as they have worked in politics - legislative side, not necessarily governance.
Steyer at least has a "fix California Homelessness" spiel along with his Anti-Trump story. And of course, being a businessman, no matter how liberal he intends to be, he's used to being a dictator - a benevolent dictator at best. But can he go forward and endorse policies he might not personally like, simply because the "fix" might not simple, quick, and solved by just be throwing money at it.