Which is fine for content you can freely download and move from drive to drive, store in the cloud, burn to a disc or whatever. Sadly some encrypted files require access to the cloud to keep them unlocked, and this is where you really don't own what you purchased. Look at the likes of Sony (and to a degree Microsoft, although I think they backtracked) and even follow people like Louis Rossman on YouTube - although the situation seems far, far worse in the USA than the UK and Europe.
Not that we're perfect, but I think we have a little more consumer protection which has held some companies back - so far.