How old are you? Because no, there is no key to revoke for a UMD. There is no "banning" discs from a PSP.

The fact you apparently are so young you aren't aware things used to be different, is proving the point here.

And more importantly, no the license was not the same; the physical disc fell under what is called the First Sale Doctrine:

The first sale doctrine is a legal principle codified in U.S. copyright law at 17 U.S.C. § 109. It states that once a copyright owner sells or gives away a physical copy of a work, their control over the distribution of that specific copy ends.

When companies began to use license keys for instance as a backdoor route to bypass it, it was a big legal deal.

I think you're confusing copyright ownership, which was always the same, with end user licenses, the nature of which are very different now.