If your games are on steam, you’re already not owning them. The only difference seems to be that steam doesn’t demand a monthly subscription cost, yet

We already have game pass so it’s not like this is something completely new either.

If this makes money, other big publishers will join and in 10 years it’s the norm.

Personally, I’ll try my best to keep buying on GOG and itch.io where I get to actually own my games.