All your examples are obfuscating executables. None of which is happening here. Every software that connects to the Internet handles encrypted data and there is nothing suspicious about it.

If code isn't obfuscated you can do an analysis what kinda stuff closed source software does.

And what does that change in it being a "trust me bro" situation? Nobody does that. Are you reverse engineering all software you use, don't use any software that has an ability to update, and compile all software you use yourself? Because otherwise you are trusting the developers.

We are talking about a video game. The vast majority of games on PC are released through launchers like Steam which keep updating them. You'd have to spend months reverse engineering a game to know for sure it doesn't do anything you don't like, and disable updates. Nobody does that.