Don't get me wrong: this system where Sony (or whomever else) just deletes stuff from your account with no recourse is absolutely batshit insane.

What I'm getting at is that people are getting the shape of the problem wrong (it was never ownership vs licensing), so the solution has to be different too. E.g. Bluray AACS revocation provides the technical means through which licences for physical media can be revoked just like purely downloadable stuff can.