They’re actually not just licenses. When you download a game from steam you get the game data. You can back up this gamedata if you wish. Sure it will have steam DRM but thats something on can get around one way or another.
This is the power of open platform like PC



PC is an open platform, consoles are not. If a data can be downloaded locally it can be backed up one way or another. You may need a crack to get around the DRM or reverse engineered private server to access some games but the options are there.
At some level this is also possible on many consoles but usually requires either emulation or modded console.