If the disc is an abstract license, surely the seller will replace the disc if it's scratched. I already bought the license, so what is the real purpose of the physical token?
Somehow the concept of ownership has been twisted to so that obligations only flow in one direction. Rules for thee, not for me.
The point OP is making is that it's not the concept of ownership that has been twisted, there just never was ownership of media beyond owning the actual copyright. Everything else is licensing.