One might say that you bought a license to a game. And that license includes only being run from the physical copy you received.
Nintendo is only getting worse with this over time.
Just see for example the Breath of the Wild DLC... No physical copy to be obtained, forever bound to your nintendo account.
Isn’t this how the market works? You don’t own the game - you own the game on the platform, for as long as it lasts. This is the base rule for console games. You kinda know the deal when you buy it.
Really not well established, no. You may "know the deal" but the idea that your ownership is time limited by the life of the platform is unlikely to hold up well in a legal setting, IMHO.
Multiple court cases have established that emulation is legal, and that emulators are "transformative". "This innovation affords opportunities for game play in new environments".