You may be right to a certain extent, but in my case I'm happy to overpay a few quid for their service. I will be moving around a lot in the next 2 years, already downsizing to a desktop replacement laptop so having games on my Steam is ideal for me as I will not be moving any of my numerous game boxes around with me.
That is one of the few exceptions to the rule. You could argue that no-cd patches would suffice but they do come with a number of downsides e.g. not all games are instally cracked and are braking copyright law.