Yes, and those rentals-that-feel-like-purchases seem to be increasingly how new products and services are distributed whenever the providers can get away with it. You don't just see them with games, but also with movies (as described), music, e-books and, more recently, software suites, IoT devices and cars(!).
Which makes sense: For the involved businesses there are enormous upsides to this kind of deal: Instead of giving your product out of hand, you enter a long-term relationship with the consumer, you get the money and remain in full control over the product, you can define in unprecedented detail how your customers are permitted to use the product, you can use that control as leverage in contracts with other businesses, etc, etc.
Consumers usually don't mind because, indeed, it feels like you own the product. Until stuff like the OP happens and they realize it was a lie.
Which makes sense: For the involved businesses there are enormous upsides to this kind of deal: Instead of giving your product out of hand, you enter a long-term relationship with the consumer, you get the money and remain in full control over the product, you can define in unprecedented detail how your customers are permitted to use the product, you can use that control as leverage in contracts with other businesses, etc, etc.
Consumers usually don't mind because, indeed, it feels like you own the product. Until stuff like the OP happens and they realize it was a lie.