It’s trivial to sell media or software on a disc such that the disc itself is not equivalent to a license to use the media or software on it. I don’t know of video games do this yet, but this was the case for a prominent PC operating system for decades.
Even if it has the full game they can EULA out if it. There are no laws saying they can’t.
Discs are accidental theater. They didn’t start out that way but that’s what they’ve become.