Yep. They are diluting the term “purchase” by putting in their terms of service all kinds of caveats that restrict when and where the “purchase” may be used. Also, they reserve the sole right to revoke your “purchase” at any time, for no reason at all.
(At least, no reason that was your fault. They usually have a reason to remove a movie on their service, and it’s because of the dispute with the author for the sale rights of the product. A particular book sold on Amazon’s ebook marketplace was actually DELETED from people’s kindle devices if you connected it to the internet. Usually when a book is removed for sale, you should at LEAST be able to re-download it from the respective store afterwards, you just cannot purchase a “new” copy of it for your account. But in this one case, even people’s downloaded copies were actively deleted.)
I think technically, what you are purchasing is a license to use the product, not the product itself. It’s not what we usually mean when it comes to purchase, but hey, words are hard for these companies, and they have lawyers who write up legalese that can drown an elephant in the ink used to write them.