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(+1)

But Steam keys WERE advertised before and at the time of purchase so I don't understand your third paragraph. Itch requiring an offering of internal access to the project items does not change the external key offerings they advertised. This only points out their bare minimum requirements, not the external keys promised, so that's a moot point. There is definitely a case here.

Each of Humble Bundle's bundles donate to charity and their bundles can be refunded (completely or partially) if keys were not provided, granted they can take weeks to provide them when keys are temporarily exhausted.  I would love to keep my purchase intact to support the charity but they also have to honor what is promised.

The way the keys were advertised in No ICE in Minnesota is similar to the way this bundle has 1 Steam key advertised. It's very clearly displayed.
https://itch.io/b/3499/post-fire-fundraiser

(+1)

Humble Bundle is a shop that is based around offering external keys. Mostly Steam keys. You can not download a Humble version of the game.

I now get what you mean with advertisement. Thanks for clearing up that this is shown before. Itch needs to rework this system completely. If we consider "false advertisement", even the text "Buy 1439 games" falls under this.

Also, I am not even sure if they can "advertise" any Steam keys at all, as they are optional and not covered by their tos. At the very least they need to include disclaimers about how those are extra, are not guaranteed, can run out of stock and so on. Even on the game pages that do offer them for regular purchases.

https://itch.io/docs/legal/terms#4-publisher-content

a non-exclusive, perpetual license to access the content and to use, reproduce, distribute, display and perform such content as permitted through the functionality of the Service. Users shall retain a license to this content even after the content is removed from the Service.

The above text is what you actually buy, when you pay for a project. There is no mention of any external keys. It is a license for the content on the project page. An external key is a digital thing, not a license. After application, you also own the content on a different platform, under different terms of service. It's not even tied to the buyer, it's just a key, that could end up on a key reseller shop.

Itch unfortunately uses imprecise wording at a lot of places. But I think this wording here is intentional: 

If your project is being sold on other marketplaces, such as Steam, you can give away external keys to people who own your project

But their "advertisement" is not reflecting this properly. Sure, they have hints in their faq, that big bundles and charity bundles are not supposed to include external keys, due to ... reasons, but ... reasons do not matter for anything that might fall under advertisement laws.

but they also have to honor what is promise

From a practical viewpoint. "they" would have to be the developers manually adding the keys and as far as I know, they could remove the Steam key feature from their page at any moment without giving a reason. If you buy a game that currently has a Steam key, and do not claim that key, and the feature gets removed from the game, you cannot demand the external key later, because you did not buy a key, you bought a license to the projects's files.

Unlike with those Humble Bundle pages, where you actually do buy the Steam keys.