Even we did:

1. You lose access anyway once your unrepairable console dies especially if the next gen is out
2. Lifetime = console maker lifetime. What happens when a console maker is bankrupt?

The difference is that even the first game I downloaded via Steam (HL2) even before Steam was a store is still available for me to download more than 20 years later. Good luck downloading and running console games from 2 or 3 console generations ago. Console owners have been slowly manipulated to accept whatever console makers have thrown at them.

Zero day 100gb update? Sure. Always online to play offline campaign? No problem. No game disk (= no used market)? Why not. Re-selling you the game you own it every console generation? Makes sense. €600+ console? Worth it. €80, €90 games that almost never drop in price, no secondhand market? Yes.