I have content I purchased on steam 19yrs ago. Shit was built for completely different hardware but I can go install and play it right now. The physical console games I bought that year only work in consoles that have long since broken. I can go play HL2 whenever I want, to play my copy of THPS3, I have to find and buy a PS2 that still works.
Digital ownership can apparently work just fine
Sony is reminding us that Sony is a shitty company. The company that bought you amazing technology like the memory stick (tm) probably cannot be trusted.