A lot of the points you make against digital media can also be modified slightly to be used against physical media. Yes, you own the physical disk and whatever physical items came with the disk (game box, manuals, cover art, etc…) but nowadays and especially with the large publishers, hidden within those Terms of Service (that you likely ignored) there are sections which basically state that the publisher is giving you a LICENCE to be able to play the game itself, and that they can so choose to revoke it whenever they see fit (that’s how a game publisher can ban you from a game without you being able to sue them or whatnot.)
For example, here is Activisions Terms of Use.
14. TERMINATION.
The license granted under this Agreement is effective until terminated by you or Activision. Upon termination of the license, You shall cease all use of the Product, and destroy all copies, full or partial, of the Product.
A. FOR RESIDENTS OUTSIDE THE EUROPEAN UNION AND THE UNITED KINGDOM:
Your rights under this Agreement will terminate automatically without notice from Activision if you fail to comply with any term(s) of this Agreement or applicable Third Party Terms.
Activision reserves the right to terminate this Agreement without cause on immediate written notice.
Nothing herein limits Activision’s rights to suspend, terminate or delete any account.
ACTIVISION MAY SUSPEND, TERMINATE, MODIFY, OR DELETE ANY ACCOUNT AT ANY TIME FOR ANY REASON OR FOR NO REASON, WITH OR WITHOUT NOTICE TO YOU, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW. For purposes of explanation and not limitation, many account suspensions, terminations and/or deletions may be the result of violations of this Agreement.
B. FOR RESIDENTS IN THE EUROPEAN UNION AND UNITED KINGDOM:
1. ACTIVISION MAY TERMINATE THE LICENSE GRANTED TO YOU UNDER THIS AGREEMENT AND/OR SUSPEND, MODIFY, OR DELETE YOUR ACCOUNT AT ANY TIME WITHOUT GIVING YOU ANY PRIOR NOTICE IF YOU SERIOUSLY VIOLATE THIS AGREEMENT. SERIOUS VIOLATIONS ARE VIOLATIONS OF IMPORTANT PROVISIONS WHICH INCLUDE SECTIONS 3(C)(i)-(iv) AND 8(E) OF THIS AGREEMENT OR REPEATED VIOLATIONS OF OTHER PROVISIONS OF THIS AGREEMENT (INCLUDING FURTHER NON-COMPLIANCE WHERE YOU ALREADY HAVE RECEIVED A PRIOR WARNING).
(…)
1. ACTIVISION MAY TERMINATE THE LICENSE GRANTED TO YOU UNDER THIS AGREEMENT AND/OR SUSPEND, MODIFY, OR DELETE YOUR ACCOUNT IF IT HAS ANOTHER VALID REASON TO DO SO (FOR EXAMPLE, CEASING AN ONLINE SERVICE FOR ECONOMIC REASONS DUE TO A LIMITED NUMBER OF USERS CONTINUING TO MAKE USE OF THE SERVICE OVER TIME) OR WITHOUT REASON BY GIVING YOU REASONABLE PRIOR NOTICE.
2. IF ACTIVISION TERMINATES THE LICENSE GRANTED TO YOU UNDER THIS AGREEMENT AND/OR SUSPENDS OR DELETES YOUR ACCOUNT, THIS MEANS THATYOUR ACCESS AND RIGHT TO USE THE PRODUCT(S) AND SERVICE PROVIDED CONTENT WILL BE REVOKED.
(…)
In reality, we lost the right to “own anything you buy” once DRM started popping up and Terms of Services were re-written to add these sections. Physical or not, you no longer own the media on the disk, just the disk, that’s all.
Yes, somebody does, the law.