The problem of false advertising is resolved but the problem of consumer freedom remains. If all digital marketplaces for a particular art only offer rents, without any option to buy or any physical media to serve as an alternative, that would still be a problem even if the rents were presented honestly.
Not really. As long as it's clear that everything is a rental, consumers are free to go along or not.
Physical media offering near-permanent storage is also relatively new. 8-tracks, cassettes, and even CDs would wear out over time. Yes, I could hold a cassette in my hand, but I also knew it would wear out over time and I'd have to buy another one - and I did.
We need to change our language around buying something so it's clear that it's not permanent ownership, unless it really is. I suspect we would see services/media start to come to market that offer true ownership if the demand was there.