It's a massive degradation of consumer rights you had guaranteed with physical media.
Hard to get companies to change when people don't even realize the problem.
It works so well that a lot of people think companies can't sell software without giving the right to unlimited copies, even if a book or dvd are trivial counterexamples.
Basically the button 'buy' changes to license
While streaming media has some notable conveniences in certain cases, the downsides to the consumer seem to outweigh those benefits. It's as if there is a coordinated assault on ownership rights across many industries which is being led by the ubiquity of actually-broadband internet connectivity, the streaming technology that exists across many industries (gaming, movies, music and even general software) paired with corporation's insatiable desire for growth at all legal (even some not) costs. Because they now can, they will.
As one who prefers freedom of use to maximum convenience I think it wise to purchase physical media when possible and back it up in a manner which is suitable to your long-term accessibility needs. Maybe I'm just a crabby old guy...
https://www.courtlistener.com/docket/18607418/andino-v-apple...
There are other definitions of buy a movie, e.g. buy the IP so you're allowed to make sequels.
There will always at least 2 (N) groups of people who agree/prefer Nth direction