Just like Steam, just like Nintendo (pretty sure MS to follow). The games will imo still be available digitally forever, because they are supported by current chip architecture, and that one is not going anywhere any time soon (or there are emulators or layers like proton on arm to help). From ownership perspective and that I payed for it, it sucks. I guess I'll have to keep my old PS5 in the attic till I die :)
Sony has announced that starting in January 2028, physical game disc production for all new games releasing on PlayStation consoles will be discontinued.