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The license for the game is inextricably tied to the disc in this case – if the disc breaks, your license is toast.
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That's actually not true anymore for a large number of (PC) games. Buying PC games in the store is really nothing more than buying the serial which is then, more often than not, tied to an account (Origin, Steam, Ubisoft). As a result the physical product you bought in the store becomes a digital product once you install it.
The point of selling a license could be that many people want to sell a game once they are done with it so they have money to buy a new one. That's the main reason the second hand console game market is thriving.
Whether or not it's a smart thing to do isn't really the issue though, it's about not being able to sell something that you own. Maybe it's no major issue for a 60 dollar game. But expand it to a 300 dollar piece of software and it suddenly does become an issue.
If today I decide to get out of the website business I would like to be able to sell the various forum software licenses I have in my possession. That way I get some money back and someone else is able to get a license to a product they would never have bought for full price.
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But you can't resell your TV license.
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I can resell my TV though.