They can take their EULA's and stuff it, they aren't legally binding, in the U.S anyhow. I didn't buy a license to use Monopoly, I bought Monopoly. Just because I can't hold the data doesn't mean I didn't buy that program. It's mine.
Only with data does it seem companies think they can get away with garbage like "Oh you bought a license, not the product." BS I did, I bought your game.
Actually. You still don't "own" it.
You didn't create the content. They own the copyrights and trademarks to the content you are using. You don't own any of it. Saying it's yours is wrong. ;)
There have been mixed wins and losses in courts over EULAs. I think it could go either way. In the days of old, things might not have been so clear as they are now. If taken to court nowadays, there might be a chance that you'll lose against a EULA.
Anyway, as for some of you complaining about them disabling access to all of your games, you seem to be misunderstanding one thing: you are violating "Steam's" terms of service, not an individual game. Therefore, they disable your Steam account. That would be like going into a mall and causing havoc in one particular store, and getting banned from the mall. Even though you didn't mess with any of the other stores, you still violated the mall's policies and other rules.
There's really no reason to be worried. Don't do anything that violates the terms of service and you'll be fine.