It's also about competition.
Consoles are a significant investment, to only be able to buy content from one source creates monopolies. An equivalent would be if TVs were sold by Netflix or Disney, and only played content purchased from those entities. The second hand game disc market prevented those monopolies from taking prices to stratospheric highs.
I believe this is why digital distribution has seen little push-back on PC, because we have the convenience without the monopolies. Steam is huge, but Epic, Ubisoft, EA, gog.com, and others provide plenty of competition.
If consoles go digital only, from a single source, I think we'll see >$100 games quickly, we'll see subscriptions required to play be much more prevalent, and we'll see the death of consoles within a generation.
> Consoles are a significant investment, to only be able to buy content from one source creates monopolies.
It used to be that consoles were generally the cheaper alternative to a gaming PC, which was subsidized by the price of games, which in turn stimulated the second hand market as people tried to recoup their investment in games, not the system itself.
But now that it's no longer really true, and system prices keep going up for little in return, it's really the worst of all worlds: expensive systems, expensive games, no way to resell, and two of the big three are acting increasingly worse (the jury's still out on what will Nintendo do next, but their ridiculed key-on-a-card system at least allows for reselling).
And this is on top of Sony outright lying about the reality as various leaks and scraps of that indicate that physical sold very well, better than digital.