I started trying to do this a while back and hit a bit of a brick wall... Key takeaways:

• You can just rip the video as-is, retaining quality, but at the expense of file size - BluRay uses quite light compression so you're looking at potentially 40GB per 1080p film.
• So then you think "okay, I'll re-encode it using a modern algorithm, maybe x265 or AV1"... Massive rabit hole! To get a good quality re-encode you need to have a lot of time on your hands. You can do it quickly (e.g. an hour) using a GPU but the results will be terrible. Good results take not just many hours to encode on a high end consumer CPU, but also often several iterations of this to get right. Some things (animation, new digital films) are manageable with some default settings, but anything that was originally filmed on real film and has noise is extremely difficult to get right.

In the end I reverted to finding a copy someone else had encoded if possible, or for rarer stuff I now just have a fat wallet full of the original disks.