A physical release that has nothing on the cart, Tony Hawk 5 was also physical release on DISC no less, and it only had a single stage or two and like 20% of the game on it. All it had was a tutorial and a free skate mode. I have lived through many console gens, and can tell you that my REAL disc of MAG for PS3 is useless because it required online and of course is gone.
I actually own several "drink coasters" that are shaped like game discs because they cant do anything besides being a drink coaster now. Game keycards are technically NOT a physical product, they are a digital code attached to a fancy package that have infinite 1 time uses, or so we think. Nintendo can easily say "this game keycard has been used across too many switch systems, fuck you you arent downloading this game". Or better yet "the download for this game keycard is no longer available", then boom, you bought a piece of plastic on ebay that does nothing.