It’s taking away right of ownership. A direct license of ownership, a copy or copies, defines the parameters of which the user is allowed to operate.
Running locally with access to installer that can be archived allows for more individualistic control. Having access to a Steam library is one thing, but having a local Steam backup is also possible.
However, if a game relies on online functionality it could be frustratingly because it was a “live service”, “online only” or subscription based. In either of these cases, you’re being deprived of value, of control. It vests all the power in the distributor over the contents value at any given point and time, with control over scarcity and accessibility.
As such live services and subscriptions should be disparaged, because it only makes you subservient. Laws should be put in place to guarantee access to games executable and for them to be stored and run locally.
I say this because I think people at large are getting swindled right now and it’s so saddening.