"CD quality" is heading toward being the 'base quality' for digital. You can already get higher quality then CD. Spotify and others are well below CD quality.
I agree with you, the Music industry doesn't want us to own music, why would they? They can either sell you music once, or charge you forever, basically. They use to do it by going from 78's, to LP's and 45's, then 8-track/cassettes, then CD's and now 'higher quality' 180 gram LP's for old recordings.
Notice I left out digital in that list, and it's because of MP3's and Napster (Free music!) that they needed to figure out a way to make money. They tried various coding/decoding methods, but that failed (Sony had a real bad time with it). They finally figured out they could make good money on subscriptions (renting as you put it).
Personally, I like owning my own music and buy used CD's or buy Hi-Res when available for my Aurrender, but I bet they eventually kill both, and most people will never own any music. Records will probably still be made, people pay big money for new recordings. And they don't make the best digital copies, so it's really not worth it make 'illegal' copies.
This is my take on it. If someone has a different take, I'm fine with that. I just look back at history and this to me is how we got here and where it's going.