Your Steam Account Preferences page has a section that would allow you to choose whether or not to filter "some inappropriate language [...] in Steam and supporting games".
To make this choice, simply do:

• Click on your name in the top right corner of the Steam client.
  
• Click on Account Details.
  
• Click on Preferences.
  
• Scroll down until you find a section called Community Content Preferences.
  
• Under Language Preferences click on Do not filter strong profanity or slurs.
  
• Under User Group Preferences mark Do not filter text from my Steam Friends.

Supposedly, you should have now removed any filter from the steam community but it still is actually there.

If you have followed the steps above, you will still see ♥♥♥♥ here and if you still see hearts or asterisks it's a sign that you still have the filter enabled, or just bugged as it is.
While we wait to have it fixed in Valve time, I offer you an easy and quick solution to solve this problem.

Under Additional Custom Filtered Words, on the right, under Never filter these words, type in the field that says "Enter custom word" And click on Add.

This should fix the bug and now you should see all the ♥♥♥♥♥♥♥ ♥♥♥♥ you want. If you no longer see hearts or asterisks: congrats! Welcome back to Steam!