Since the beginning of physically-distributed media, no one has ever "owned" it besides the copyright holders. Let's get that straight from the start.
You own the piece of plastic the game software comes on, and the license to use it. The EULA details restrictions on use of that software, and how license ownership can be transferred through third party sale. It also details how the license holder can or cannot reproduce copies of that software for use on other devices, etc.
At any point, with modern, internet-connected consoles, a game publisher *could*, if they wanted to, upload a patch for a game that either removes content or disables your ability to use the physical media on that console, without needing your consent (because EULA), and there isn't anything you could do about it (besides bitch and moan on a message board/social media).
Game streaming, like TV and movie streaming, *is* the future for the majority of gamers with access to good broadband connections. Physical media will still exist (like vinyl records, CD's, etc for music) but they will not be the primary distribution method, and any game developer or publisher that doesn't embrace it will not succeed commercially.
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