I can see the other argument though I don't agree with it.

Paying is obtaining a license to use a product. You own the license for as long as that payment is valid. If the validity of the license expires for some reason, you no longer have rights to use the product, whether you physically have it or not.

The difference is in licensing. Having a license to use a product that someone else created.

This is becoming a much more prevalent theme especially in computing. With physical goods, for the most part, ownership/possession of the item implies that you own the required rights to operate, use, or otherwise possess that item. Usually a license doesn't physically exist, it's more of a concept that is inexorably tied to the thing. With software however, the idea of license keys exists. If you have a license key for software, you can use the software regardless of where you got it from. Since the software can be copied, moved, duplicated, etc. The source of the actual bits the compose the software that runs doesn't matter. As long as you have a valid license key, you "own" a valid license to use the software which you paid for.

With online platforms, including, but not limited to, steam, epic Games store, Ubisoft connect, whatever.... They manage your licenses, and coordinate downloads for you, etc. The one thing I'm aware of with steam that's a benefit here is that you can get your product keys from the program and store them separately if you wish.

The problem is that not all platforms support the same format of product keys, especially for games. There's no universal licensing standard. This makes it tricky to have a product key that works where you want it to.

There's layers to this, and bluntly, unless there's wording in the license agreement that it can be revoked, terminated, invalidated, or otherwise made non-functional at the discretion of the developer that issued it, they actually can't revoke your ownership of a game, or at least the license for that game.

Application piracy (specifically for games), is when you play something without a license to do so.

They've stacked the entire system against you. Using wording in their license agreements that allows them to invalidate your license whenever they want to, and gives you no means to appeal that decision. Setting you up for litigation for piracy by using a software that you paid for when that license is revoked.

It's an insane thing to happen in my mind and there should be legislation put in place that obligates companies to offer a permanent, and irrevocable, license to software (looking at you Adobe), and also makes it much harder for companies to revoke that license. In addition, there should be a standardized licensing system, owned and operated independently from the license issuers, which manages and oversees the distribution, authentication and authorization of those licenses for them and you, something like humble bundle's system or something, where you can get license keys compatible with various platforms which can supply the software that constitutes the game you have a license for.

It should go beyond gaming.

Until such a time that the legal part of this is figured out, we'll be left with an unfair playing field, legally speaking, and piracy will be a way to have the software without a license (which is arguably illegal).

I don't like this system. I didn't ask for it. I think it should change. But legally, piracy is still illegal. The system is consumer hostile, and unfair. That fact, in and of itself, should merit something to be done about it. So far, nothing has even been proposed by governments. I'm hoping the EU makes the first move on this, and everyone follows suit. I can see them doing it too.