This is even assuming physical media exists to rip in the first place. Plenty of smaller labels these days only do vinyl and streaming. CD is a dead format.
Many indie labels that I enjoy discovering about, sell CDs after their concerts.
It is quite alive.
Vinyl has outsold CD's in dollar terms for years now, and for the last several has sold more in raw units as well.
I was off by a year or two. Point still stands.
https://www.statista.com/chart/12950/cd-sales-in-the-us/
CD sales have declined, yes, but the perception is a bit skewed because CD sales dwarfed vinyl even in its best years.