I think it's a bad analogy. Imagine that you took books from a library, and some of the books in the library were no longer available. They're not yours, they never were. You just paid to access those books because it was a cheap and convenient way to have access to a lot of content. Sure it's inconvenient if there was something specific you wanted to watch, but the services typically notify in advance, so you have a chance to see it.
Physical media is for hoarders. Some people would actually watch a few movies many times, and it makes sense at that point to actually own a copy, but most people just watch new content, and it makes no sense to own it. Even those who buy physical media, I'm sure that they will not watch the majority of their collection ever again.
Which is how I think about my stuff. If someone breaks into my house and steals my DVDs, or if an online service stops access to content I "own", then little value has actually been lost.
Not that I really act that way. When Groupees died, I downloaded all the DRM-free games and content and backed them. I'm still a hoarder after all. But realistically, I will never touch any of those games, or read any of the comics, or whatever I had there, because there's so much new content and it's so cheap that my collection grows more quickly than I can consume the content.
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Any Blu-Ray I do buy I make a copy for playing and keep the original on the shelf! Bought a Rod Stewart DVD a while back and for some reason it became unplayable but I was able To rip it and burn it to another disk! Bought a rare movie on Blu-Ray from the 70's that had my girlfriend in it. It had cracked near the hole and was unplayable but with superglue I was able to copy it!
