I dont believe it makes sense from a customer standpoint. Either I own something, or I dont. If Im renting something, I do not own it.
Not to be rude, but just because you don’t believe it makes sense doesn’t mean that it hasn’t already happened and is in place and not likely to change.
Honestly, in terms of the downloaded games, the legalese may be something like a forever rental on one PS4/5 or one instance kind of like you can have X number of active streams with Netflix. You own one instance of the game under one account and you can move it if you upgrade the console under the same account. Basically, you do own it but it’s a limited use license.
There’s been a zillion non-transferable things purchased. Consider it a warranty for the original owner and you can’t sell it to the next guy or girl.