When you purchase a game (regardless of medium), you're just buying a license to use the software. That license can be revoked if the issuer so desires, as per the EULA that you agree to when you purchase the game. In the case of physical games, that revocation entails taking the physical game, or at least rendering you unable to play it.
Now, in practice? EULA's are very shaky ground, legally speaking (even the legal system recognizes that they're needlessly wordy to discourage people from reading them, plus you generally don't actually see what you're agreeing to until after you've made the purchase), and the practical realities of trying to revoke a physical game mean it's far more trouble than it's ever going to be worth (to say nothing of the bad publicity). But that revocation is in fact legal, according to the contract you agree to by purchasing and playing the game. Continuing to use a physical copy of a game after the publisher has issued a revocation of your license is - legally and morally - no different from pirating a copy after having a digital copy revoked.
Happen to know of any examples this has happened with? For physical media of any sort.