The Steam storefront explicitly notifies customers that they’re purchasing “a license for the product on Steam” and don’t own the product.
In this way, the company is getting ahead of legislation being rolled out worldwide, which says that companies must start telling people if they are buying a product or a licence.
For example, in California, a new law (AB 2426) requires online storefronts that sell digital copies of video games, music, movies, TV shows, and ebooks to explicitly state whether customers actually own what they’re purchasing.
This makes a difference to many people who buy software. A license is just permission for you to access content that’s provided by the service. But if the content is unavailable, the company can say you were not entitled to access it perpetually.
Engadget says this new wording in Steam is used in all countries and territories, not just the United States so it would appear that the company is being safe rather than sorry.