Whether we want it too or not, physical media is dying on all fronts. Physical music is nearly all dead, at least CDs, and vinyl is very niche. DVDs/Blurays have rapidly been vanishing while streaming and on demand has become the new norm, and now gaming is starting to become more and more digital over time. I say this not as someone who wants physical media to die, quite the contrary, but viewing this objectively this is what's happening.
Ownership is far less important to the masses than convenience, and that's why physical media is dying. The same is true with gaming as well, as digital only platforms like Steam are very attractive to millions, especially younger crowds that aren't as accustomed to physical ownership like those born in the early 90s and before. This trend will only continue over time. I know many disagree with me on this, but I think the Model X, PS5, and maybe Nintendo's next console will be the last game consoles to use physical media. After this next gen, it will be digital or nothing.
It amazes me how much ground digital has gained in the 2010s, and by the end of the 2020s I think we'll all be even more surprised by how little physical media truly matters to most people. I hate the idea of this, and even though I told myself I'd be done with video games when this happens, I don't think I could ever say goodbye to games entirely. It will however, change my purchasing habits for buying games since I already have major reservations about buying digital games for more than $10 each. I think the most I've ever spent on a digital game was $30, and doing so took a lot of self convincing to do. I'm under no illusion that I own anything digital in my Steam or GOG library, and that's why I'm way more hesitant to drop a lot of money on purchasing from these outlets. Unless my attitudes change on this, I pretty much won't be buying new AAA, full priced games around launch, and instead I'll gladly wait until they come down in price.