Interesting concept. If I understand it correctly it didn't truly let you own the stuff that you bought. It instead gave you a proof-of-purchase allowing you to stream your purchased content on different streaming platforms (like Netflix, etc) as long as you have that one proof-of-purchase. However, if the platforms remove your purchased content from their catalogues at any time, it would be gone. So you're right, almost but not quite like DVD.
I wonder why the notoriously copyright-obsessed music industry allows retailers to sell digital copies (and high-quality ones), while the film-industry doesn't.
Often times on this sub there's always an alternative being proposed, so I'm a bit shocked that this time most of the answers are simply "no".
I have nothing against buying what I enjoy. But I also want to use my own streaming service (be it Plex or Jellyfin), I want to watch it offline, I want to not live in fear that it gets taken away, and most importantly I want to know that atleast 50% of my money rightfully goes to the artists of said content.
As I've said in another comment, it's shocking that even the notoriously copyright-obsessed music industry allows retailers to sell high quality digital copies, while the film-industry just plainly doesn't.