Equalizer APO is a free software which adds zero delay to your audio latency. Some users experience noticable audio latency delays when using programs like Voicemeeter Banana, so this is a better option for gaming in my opinion. Some prefer the software called Peace Equalizer which is simply a interface for Equalizer APO, but it will limit your options for more advanced usage.
PUBG is known for causing hearing damage over time if played at a high volume, and Equalizer APO gives you a lot of options to lower your in game sounds without loosing the ability to hear footsteps.
Download Equalizer APO, and start the .exe file to go to setup wizard.
Click Next and Agree until you are asked to select the device to install APO for.
In this example I select Speakers (Realtek(R) Audio), you can also select multiple devices if needed.
Reboot, and start Equalizer APO (Configuration Editor in Start menu).
Make sure you select the Device you installed Equalizer APO for in the top dropdown Device: list.
To test that everything works, play some sound on your device (ie: from spotify/youtube).
Turn the Preamplification down to -20 or lower while you listen, if your audio volume is lowered everything is working.
If it is not, close the Configuration Editor and go to troubleshooting at the bottom.
If it does work, you can move on to next section where we will add a parametric equalizer.
I used Audiacitys Spectrogram View to show the frequencies given by footsteps in PUBG.
This should give you some ideas of what you might want to boost in order to hear footsteps better.
However the equalizer settings that work for my headset might not work for yours.
I suggest listening to footsteps from ingame audio, while tweaking your equalizer until you are happy with the result.
Most people remove bass (60 to 250hz) and lower midrange (500 to 2000) but in PUBG you might want to keep or boost some of the bass and lower midrange frequencies.
You can use WackyJackys video on footsteps to listen while you tweak your equalizer.
Then simply drag the different frequency handles up or down to boost or lower the desired frequency.
If you do not hear any changes when altering the Preamplification you can fix it by opening the Configurator.
Select your device, check the Troubleshooting options.
Then select the Install as SFX/EFX (experimental) and reboot. Start the Configuration Editor and verify that it is now working.
This is an very old guide, but i had some requests for an update and added a simple one linked below - for equalizer it will be different depending on your headset and hardware so it is best to adjust to your preference.
https://gist.github.com/maxxhaxx/74162cdf6fe95aaa04816bd6e706a596