I would probably just stop gaming under your terrible idea of the future. Your terrible comparison is pretty off-base so I will counter with another! Imagine if cars worked on your system, and the only way to drive one was to essentially rent it perpetually at whatever insane cost automakers decided. You could no longer get a cheap workable car for $500 once because they simply would not be offered. Instead you could get a selection of new ones for $500 a month whether you could realistically afford it or not, and lose it all together if the company folds. No thanks.
I don't like to rent all my games. I like to buy them to play later. I like to go back years later and be able to enjoy playing an old game that could be gone forever under your model. Such arrangement exist already in the form of OnLive, and GameFly. The concept of eliminating retail sales all together would be disastrously bad.
Edit: Oh and I agree that Bioshock was a terrible game, but that was the worst way to phrase it. There are better ways to point out how the combat was bad, the story telling lacking, and the general pace of the game is awful. I suppose I gave an example of how right here!
