Somehow the concept of ownership has been twisted to so that obligations only flow in one direction. Rules for thee, not for me.
Are you implying that lending the disc to a friend so they can watch in their own home is forbidden? Or taking the disc to the friend's place to watch together?
Your original message said "buying a disc is a license to view the intellectual property, subject to various restrictions like only showing it within your personal home". This biases the interpretation towards more restrictions than rights, but I don't think that's the case at all. The restrictions are essentially - don't make money out of playing it, don't play it in public. Pretty much anything else goes.
Call all your friends and family to watch with you whenever you want. Lend to your friends. Take it to your friend's house to watch together. Sell it to someone else. Watch it as many times as you want, anywhere and with anyone you want - as long as those restrictions above are respected, which isn't hard to do.
Do I think this is ideal? No, maybe not - but that's the world we live in, and all things considered, that's still substantially more rights than most "digital ownerships" give you.