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You will own nothing and be happy, as the saying goes.

You can only license a console's underlying software, not own it.

You don't own the software's intellectual property, but you own the hardware and it is expected to work under normal operating conditions. If you bought a camera and the manufacturer arbitrarily decided to make the software stop functioning soon after purchase the product would be considered malfunctioning.

Nintendo turning off your software should fall under some kind of consumer protection law.

> You don't own the software's intellectual property

I don't own the intellectual property of a physical book I purchase, but I do own a copy of the book and the copyright owner can't just show up at my house and redact the whole book or just take it from me.

But somehow if they do it with software it's different.

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