At least it's digital rights control now instead of your rights depending on a fragile piece of plastic and aluminum.
What good is legally owning a game if I lose access to it just because it physically broke? I'd still have to buy it again (or pirate it) if anything happened to the disk, so IMO, it's a wash.
We give up legal rights in exchange for extra short term safety and convenience. And if Steam or the developer ever takes it away from me, I can always just go pirate it to get it back.