To my understanding the idea is that if a company licenses some 3rd-party component for their game, the component would either need to be severable from the game while still leaving it reasonably playable, or the license would need to permit people who have purchased the game to use that component. This is going foward, not applying retroactively to existing games.

I think that's still fairly favorable to game publishers compared to most other purchased goods. If you manufacture an office chair and license a patented swivel mechanism, the license you acquire cannot require you to break purchasers' chairs after the license expires, nor even to go around their homes swapping out the mechanism (which analogously may still be permitted for games).

Moreover if the rightsholder for that patent had been licensing only under the terms that the purchased chair is destroyed after 5 years but then a change in consumer protection law prevents that practice, they'd need to license it out under more reasonable terms (like you can only sell the chairs with the mechanism for 5 years, but there's no limit on how long people can use the mechanism in their purchased chairs) - otherwise they'd get no business.