Sure, the subscription services are taking it even further, but as long as you’re not in total control of the stuff you own, it’s not really yours. At least in my opinion.
It took a few minutes to download AND install.
What it really boils down to is the ever-downward trend to destroy ownership by converting as much as possible to a service or hidden rental.
Me? I prefer to own games that work now or 30 years from now.
The phrase I use for that is "erecting toll-booths".
What's more interesting is ownership in practical terms, in my opinion. And I don't think you can really blanket all the game in Steam under one rule here - some have absolutely 0 DRM and you can back them up and run them just fine anywhere and some have Steam DRM which is trivial to crack; these games you practically own. And then there are games which use Denuvo or other DRM means, where unless its one of the rare games that get a crack.
I suppose what I'm trying to say is that, regardless of anything else, digital ownership to me boils down to "Can I copy these bytes to a hard drive, and then 20 years later still use them?"
[0] when you can't its because of publishers purposefully blocking it.
Whatever the specific license may say about your rights, it's usually easy to make a completely portable backup.