I personally think this is not a desirable solution for gamers. Some, if not most, publishers will put a label about "renting" (like they already do in the EULA) and won't change a thing.
I don't think we can stop publishers from rent-seeking behavior, I am only trying to get at the idea that we should clearly communicate to a user when something is truly bought and owned vs rented. If that information is clearly and loudly proclaimed to the customer at purchase time, I have to assume consumer behavior would steer the industry in a more positive direction.