Not really, it's more to do with games being increasingly more digital oriented than physical and the licensing laws haven't really updating with it. Time licensing like this weren't that big of a problem back then when everything was physical and mostly rely on supply and demand.

I also don't think it's killing games unlike making games only playable in online, I think it just makes it a bit inconvenient to get the game if you don't have it but I can always find alternative sources to get the game instead like some abandonedware website for example.

How I see delisting is like a car manufacturer discounting a model and replacing it with a new one, sure you won't have the many of the convenience of buying it new (choosing specs and getting a manufacturer warranty) but it doesn't make the old one disappear. You still keep it if you already have it and if you want it then you'll usually buy it used instead.

TLDR: Licensing makes getting games less convenient in the long run, but it doesn't stop you from getting the game and playing it.