The point is this is the death of the "they'd never actually do it" line.

Albiet I have no faith that there wont be a bunch of people who retreat to a new line of "well, they wont do it to us"

Not denying the tradeoff of actual ownership for convenience is a concern, but as far as I know the Steam ban and Pornhub ban stories were both disproven rumors, unless something new has come up that I'm not aware of.