I mean yes, you never “owned” the IP, but this doesn’t change anything. You also never owned any movie on a DVD, song on a vinyl, or text in a book. Software is a strange beast in the world of copyright law, but, at least in my lay understanding, video game discs still have had protection under the first-sale doctrine, which means you were always allowed to resell, rent, give away, or destroy your copy. Ownership of the medium is still something.
> video game discs still have had protection under the first-sale doctrine
Not true unfortunately. See: Vernor v. Autodesk; which was first ruled in favor of first-sale doctrine but later reversed by a federal court. There haven't been cases for video game discs specifically but I don't see a reason who it wouldn't be the same as this software, since they also explicitly mention you're being sold a license, not ownership.