In theory, the law only applies to distribution. Also, fair use and fair dealing exist in multiple jurisdictions, which includes personal-only usage. A company would have a hard time achieving a legal judgement against you for the mere act of copying a book. Distributing it? Sure.
Copyright law explicitly allows for backups, at least in the US, which is where most of the companies exhibiting this anti-ownership behavior are located and thus bound by US law, especially when the consumer is also US.
Owning a license means nothing when the other party to the license can revoke it at any time without further consideration.