Given that we saw for example 74% of Ghost of Yotei buyers choosing digital in the UK, we are now in a generation of peak stupidity and most people don't care about the technicalities of ownership as long as you hook them up to IV, slurping Mountain Dew and munching Doritos.
I bet you in 10yrs time these same people will cry what happened.
IMHO: the bottom line is that many IP owners wish to retain full control of their properties.
Re-releases & re-masters may often compete with earlier releases. However, if the IP owner is able to remove access to the earlier releases, THAT competition dissolves.
Given that studios & publishers are seemingly lacking in "new" creative effort or ideas, simply putting a "fresh coat of paint" on prior releases is becoming more popular.
Besides, if the "license" to use/play a title expired or was revoked, ANY actual use of it would be illegal and open to litigation - surely in the favor of the IP owner.
Xbox is now warning buyers that it's selling licenses to play games, rather than ownership. A Silent Hill f disclaimer is likely related to a California law regulating the sale of digital games. Xbox Game Pass highlights how downloaded titles may become unplayable at a marketplace's discretion.