Reynard
aka Ian Eller
I think a lot of cyberpunk gives its heroes some leverage against the corporate state. All of it is dystopian, but it isn't all completely bleak.I would say that it lacks one very important element that keeps it from being cyberpunk: electronics of any sort.
Also, Arcane puts a strong focus on the craftsmanship of individuals, rather than on the mass-produced power of the corporate-state, which again, leans it away from cyberpunk. And also carries a stronger thread of the individual actually having power against the corporate-state.
That puts is pretty solidly in steampunk/magitech arena, rather than cyberpunk.