I’m not suggesting for the removal of Follow button or merge of Follow/Favorites. I am suggesting that if a user Favorites a game, they automatically Follow it.
I believe that this is the best way to remove friction for users who want information on updates, and maintain the legacy feature of using Favorites as a way to bookmark although I disagree with it: 
I wrote this feature request by the burning midnight oil and saw the “Bell” emoji and wrote what I saw visually
To solve the curiosity of me calling it the “Bell”, this is where notifications pop up on the web page:
You get a red “1” that you can dismiss by clicking on the bell per notification. If you are bothered by a game’s frequent updates (keep in mind it is a 3 day cooldown between Update “shouts”), you would be able to navigate to it and unfollow while not un-Favoriting.
The notification tab is shared by friend requests, trades, and games if I recall correctly. So I do not think the icon should be changed. It is a broadcast icon, and I think it broadcasts itself well.