I've done hours and hours of testing tonight, and even got my old HD5870 in my new computer (insta-lock, as well) and my new GTX 1070 in my old computer (zero lock ups, angrily). Pulling the graphics card and using strictly the integrated graphics of the i7-7700 also produced quick, reliable lock-ups, on my real Win10 installation, or on a fresh Win10 installation. Frustrating, and it officially has nothing to do with nvidia vs amd dedicated graphics.
Made a little progress, eventually, after doing a variety of things. Steam/VAC does fingerprinting all the way down to which sata port you're using. The best idea I can come up with is that certain hardware IDs (I guess a combo of the hardware itself and hardware configuration, such as which sata ports or IRQs) tied to certain steam accounts get flagged for more scrutinizing scans. Everything I'm doing on my old computer, is a drastically different setup than it was back when I actually used it--different/fewer PCI-E slots are in use, just one hard drive instead of 6 I think, different output ports on the graphics card, and...a different sata port than I used 2 months ago.
I decided to reformat, pull the graphics card from my i7-7700, and it still locked up. Next, on a whim, I used a sata port that I have never once used on this computer, other than before I used steam--all I used it for was to dban wipe the hard drive it came with--sata4. All of a sudden, no lock ups. I moved it back to sata0, and I got lock ups. Moved it to sata1 (where the dvd drive is) and got lock ups. Moved it back to sata4, no lock ups. Then--here's where it gets interesting--I kept my other two drives unplugged, and simply moved my real Win10 drive to sata4, assuming that I would get no lock ups...it DID lock up. I then unplugged it, and plugged the fresh Win10 back in to sata4, and all of a sudden it WAS reliably locking up again. This is f-asterisk-ing ridiculous. I reformatted, reinstalled Win10 on sata4, and it still locked up. I tried my storage drive's port (this drive was in my old computer and is the current storage drive on my new computer, unchanged), sata2, and it locked up. So, my next step was the below...
I'm posting this on a fresh Win10 install on the same testing drive I've been wiping over and over again, on my newer i7-7700, on sata3 (which I haven't used yet at all for testing purposes, and typically holds my old HD5870 computer's Win10 drive until I'm positive I need nothing else from it--which is NOT the current Win10 drive), with the GTX 1070 physically uninstalled, with the hard drive partitioned differently, on a brand new steam account, with a different windows account name setup, and it has not locked up. I've exited steam, closed gpu-z, opened gpu-z and started steam and no lock ups; I've rebooted and done the same--no lock ups.
I'm about to ruin this in an attempt to prove what's happened before. If I try my real steam account on the test hard drive right now, it may or may not work, but that part isn't quite relevant. What I suspect will happen next, is if I plug in my real Win10 drive to sata3 and try my real steam account on there, it will absolutely lock up even if it worked on the test drive. After that, I will then try the test Win10 drive again, I expect that my real steam account will lock up, even if it did work previously on the test Win10 drive; I will then try the newly-created steam account and I suspect that it will begin to lock up as well. Coming up in an edit below...
EDIT:
The real Win10 drive and real steam account did lock up on sata3. I plugged back in the test Win10 drive to sata3 and now the real steam account is locking up, while it wasn't before. The test steam account, however, is still logging on just fine. It has no associated VAC-enabled games on it, so maybe that plays a role. ...I've now added CSGO and ran it once, briefly. Quit and logged on again, no issues on the test steam account.
Also, just for the sake of testing, gpu-z 2.11.0 and older reliably locked up the old HD5870/q5550 machine which seems to (now, but not prior to March) run fine with versions newer than 2.11.0 at this point. I thought maybe I needed to set some type of flag on the server side of things with Steam since I used older versions on that computer with random lock ups in the past two years, but I couldn't get that to work as expected.
@Naki
I have sent an email to the VAC team, but received no response. I'd expect a very tier-1 type response from normal steam support, and they'd never escalate it since I can't provide the right and useful techno-babble. If I can get useful info to W1zzard, I bet they can really get to the bottom of it, and either have steam fix their bug, or have Steam/VAC people help W1zzard figure out a work-around. I've seen that type of collaboration between Factorio developers and AMD, which ended up being Ryzen's 2nd or 3rd "our CPUs are flawed, here's another BIOS update to alleviate it", so I wouldn't be the appropriate one to speak to steam people, even if it's steam's fault.
EDIT 2:
It's Steam/VAC account-related, primarily. The test account works fine on the real Win10 drive and with everything hardware-related back to normal. There must be more aggressive heuristics set to scan on certain steam/VAC accounts, and it's bumping heads with GPU-Z. I've sent a lengthy help request through Steam, and linked to this thread. Hopefully, they can shed some light on this. Good call,
@Naki