You are just buying a license; the difference is that the DVD/VHS license let you watch the movie whenever you wanted, wherever you wanted, as long as you had the physical copy (though subject to region restrictions in the case of DVD).

With streaming services, you're buying a license that gives the rightsholder the ability to take it away from you at any time they want. I'm not sure how this is even legal; it gives all the power to the rightsholder.