To play devils advocate, which I seem to do a lot lately I admit, you were still just purchasing a license then as well. The process of revocation would be so convoluted as to be all but impossible, but you were never actually purchasing permanent and irrevocable access to the game.

And if you want to get back to that, just buy your games from GOG.

Or just pirate the games you purchase, and it won’t matter if your Steam account is banned or deleted. Which is honestly often the better option these days, because it has the bullshit DRM ripped out of it.