They pretty much are according to their ToS
What do you mean by that? The steam ToS (which are enforceable by law) make pretty clear that Valve can revoke your access to any game at any time. Further, your access is dependent on Valve's continued existence. The argument that you are "buying a license" is like saying you "buy a rental contract" at a car rental place. The contract you have with Valve to play the game allows you to play the game for an indefinite period of time, but crucially only while Valve is still in business and while they let you play the game. This is in the ToS and in the USA there is no reason (IANAL) that I see to think the courts won't enforce this contract.
> If things are different in your jurisdiction, please do share how and why
Which law in your jurisdiction makes the Valve ToS feel more like a purchase and less like a rental?
Since you're not a lawyer (your words) and seem to care about US laws (I don't), I am not sure what's the point of this response to a topic about digital purchases in the EU.
In the US it is legal to have a "buy" button that actually purchases a longterm revocable license. I don't like it, but thats how it works on this side of the pond.
Rental contracts have defined time periods. Perpetual licenses don't. That's a massive difference.