You don't own them, but they sure do everything possible to obfuscate that fact. Regulation will likely be needed as the sellers have shown they will do what it takes to deceive the customer.
For example going to the Steam checkout page it very clearly states that I have the option to "Purchase for myself" or "Purchase as a gift". I, like most English speakers, understand the word "Purchase" to mean something very specific. The words license, lease, rental, etc. do not even exist anywhere on any page in the checkout flow all the way through entering your payment information. I can only assume this omission is by design.
For example going to the Steam checkout page it very clearly states that I have the option to "Purchase for myself" or "Purchase as a gift". I, like most English speakers, understand the word "Purchase" to mean something very specific. The words license, lease, rental, etc. do not even exist anywhere on any page in the checkout flow all the way through entering your payment information. I can only assume this omission is by design.