CXM_SplicerLooking at the bigger picturePremiumReviews:
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Re: Is my understanding correct...... Well, for one, the concept of a company trying to TOS itself out of legal liability has NOTHING to do with ownership vs. licensing of a product or service...
And second, you seem to be forgetting the fact that Steam doesn't even own the product themselves, the games remain the property of the respective game companies.
you are right, the game is the property of the company that made it, the thing is you never buy the license from that company. you get the license from steam. If you really are that worried about it, don't use Steam.