And that argument falls flat when your disc breaks because they do not send you a new disc.
If I had a license, then the disc is irrelevant and breaking one should ensure you get another free. But no, you have to pay for a new disc, meaning you pay a second license.
So that means that that disc is mine, and licensing terms can stuff it where the sun don't shine.
Of course, that only mattered when games were actually sold on discs. With rampant multiplayer everywhere, all they need to do now is control your access to the server. They don't care about discs any more.