Title 17, United States Code, reserves specific rights to the owner of a copy. It defines a copy as a physical object in which a work is fixed (17 USC 101).
The owner of a copy of a computer program retains the right to use that copy, including the right to make essential ephemeral copies in RAM, as long as the copy remains readable (17 USC 117).
And how do you obtain a copy of the software to exercise your licensed rights?
As I understand it, ownership of a physical object is defined by the personal property laws of the several states.