Like Kichae mentioned, every media we buy is technically a license. License to use. However we own the physical part of it and we can use (read, watch, play etc.) it whenever we please. Should be like this with games as well. At least GOG does this. As long as an installer is in our hard drives, it’s a physical media.
Yes, I immediately noticed my mistake and deleted my comment right away but apparently it still can be seen somewhere. I always forget about to edit my comment before deleting. Curse of ActivityPub. :)