Actually, it's more like the police deciding that the stolen goods need to be returned, but not finding the thief yet nor knowing where (s)he is. To use your other anology, it's like the repo-man deciding that he should take the car keys away, but not having taken them yet, or possibly not even knowing where you might be with the keys and the car.
You act like that's arbitrary. These decisions are all made beforehand and laid out before you even bought the game. The stolen goods need to be returned the second they are stolen, not when the police "decide" on it.
And with DRM and monthly fees on MMOs, there is no question about where the owner and game is. That's why they want Internet connections so much, because through the internet they can find the game without fail. With an MMO they simply shut off your service until you pay the fee again, at which time they open the service.
This is ALL within the legal bounds of game licensing. When you buy a CD, you buy a license to use the game. The CD is, infact, just a courtesy to you. Lots of services, like Steam and D2D, just cut out the CD and make you download the game instead...but the license you buy from them is the same. Now you may own the physical CD they provided to you as a courtesy (as well as the box and manual), but you do not own the game or any other content on the CD nor the right to play it. These things are licensed.