The reason you can’t separate the factors is because people don’t object to always-online for the same reason. For instance, my objection is primarily practical. If somehow online-only game access could be done in a 100% reliable way that wasn’t going to cost me extra money, was never going to shut down, or otherwise inconvenience me, then I might be willing to consider it, but it would have a bitter, uphill battle to fight before it could convince me. Considering that EA is infamous to shutting down game servers once a game’s popularity wanes, there are good reasons to be skeptical of a company’s willingness or ability to stream content in perpetuity, especially when you consider the increased maintenance costs. When Steam sells an old game, they just need to have the installer on their server. The game doesn’t have to be able to run on their equipment. Getting it to run is basically my problem, since I’m running it on my hardware. On the other hand, if a company sells an online-only game streamed from their servers, it has to be able to run on their equipment 5/10/20 years down the road, even after upgrading server hardware and OS. That’s a difficult task to do with one game. Now imagine maintaining a library of hundreds or thousands of games. If EA can’t be bothered to keep servers up for something as relatively minor as online multiplayer, how can I trust them to keep servers up for something much more bandwidth intensive?
For other people, the objection is ideological. They’re often easy to spot, because they’re the ones who will only buy physical copies of games, or if they buy games digitally they only do so from GoG or similar sites that offer DRM-free games. If a person refuses to use Steam because of its DRM–which generally has been proven to not have a detrimental effect on actual gameplay–I can guarantee you they won’t be okay with always-online games.
Regarding the practical concerns, here are some numbers to illustrate one of my many misgivings. Nvidia already has a service that does what you’re describing: GeForce NOW. If you have an Nvidia Shield device, you can subscribe to GeForce NOW for $7.99 USD per month. The service does include access to some games, but typically only indie titles or some older AAA games. So let’s say I wanted to play The Witcher 3. On top of that $7.99 per month for accessing the service, I have to pay $49.99 to buy a copy of The Witcher 3 on the service. If I cancel my subscription, I can no longer play the game I bought. According to their FAQ most game purchases include an activation code for PC, but what if I don’t have a PC that can play the game? What if a developer doesn’t offer the key? According to Nvidia, they only keep record of game purchases and saves for five years after a subscription is canceled. If I renew after that, it’s too late. All that data is gone.
If you think that deal is great, wait until you hear the next one. Nvidia is also working on a different service where you can stream games to your PC instead of to an Nvidia Shield device. For $25 USD you can rent a computer with 1060-class GPU for 20 hours, or a computer with 1080-class GPU for 10 hours. As with the other version of the service, you have to pay for many games yourself. Imagine paying $49.99 USD for The Witcher 3, and then racking up a mere 50 hours of gameplay. That would be $62.50 USD for that 50 hours on a 1060-class GPU, or a whopping $125 USD for the same 50 hours on a 1080-class GPU! And that’s for a relatively rushed playthrough. The Witcher 3 is the sort of game a person could play for hundreds of hours. A dedicated Witcher 3 fan could easily rack up double, triple, or quadruple the fees in the course of gameplay. And of course, this service is still useless if I don’t have a computer on my end to stream the game to. So I’d be paying for one computer, renting a second, and still having to buy a copy of the game.
If the future of games is paying dramatically more for restricted access, I’m just going to give up on computer gaming entirely. Now that would be a large number of lost sales that no amount of DRM could possibly get back.