Just like you could lose a physical book or the publisher could disappear? It feels like you're doing some reductio ad absurdum right now...

You buy a digital, DRM-free file. It is yours forever. If you lose it (bad storage, malware, deletion), it's gone. It doesn't mean that it wasn't yours. It doesn't mean that anybody owes you a new copy in perpetuity. It doesn't make any of that "fake ownership".

The way most online stores let you buy music is drm free. Seems like a no brainer that this is how it works.

I mean if I lose my copy of any media I own and the seller that provided isn’t around, that’s on me, right?

This is how Corey Doctorow sells his books. Even at Amazon his books are DRM-free. The file is yours forever, and he and his publisher (Tor) are very happy with the arrangement.