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While true, the DRM has been long broken, so I don't mind buying them because making an unencrypted rip is trivial.
I own blurays that a) can't be played in any of my physical nor software players anymore (players flat out reject it ever since their decryption keys got updated, which I did to play other blurays that needed the update; physically they're fine, everything points to encryption-level errors) and b) can be decrypted but it takes ages and ludicrous amounts of space to rip + reencoding properly is a very manual process (back of the envelope calculation told me ripping my small collection would take several years)

It's so outstandingly unpractical that I consider that "unplayable". It certainly is for the layperson.

So I've turned to getting these from "that other source" and keeping the blurays as tokens of ownership.

theres little reason to transcode a bluray. an 8TB disk can hold 200+ 1:1 bluray images. it costs ~$100ish on the low end for a usb drive (i.e. very minor price relative to cost of buying all the discs originally). therefore its just an issue of time. If one can decrypt 1 a day (say overnight to not waste ones time babysitting it) thats a few hundred a year (not a small collection imo). and if one can do more (say kick off one before going to work, kick off one when come home before eating dinner + the one overnight) one has now passed 1K discs a year (+a few hundred in hard drive storage needs)
800+ movies at 40GB a pop and we're looking at around 32TB. That is not including shows, which run over multiple discs.

Movies can be sourced second hand (or sometimes even new if you wait a bit) for around 5€, for 800 that's 4K total. 8TB is more like 150€ around here, closer to 200 if one goes CMR. Adding a 4 (or 8 to add shows) disk enclosure to that significantly adds to the bill, which tallies around 1k, and double that if you add redundancy for ZFS to repair bitrot which at these scales starts to statistically matter. But even then, 1k is certainly not minor compared to bluray price.

$/byte will inevitably come down, but we're still quite a few years away from crossing such a rounding error threshold. Re-encoding cuts that down by a factor of 5 to 10 with minimal impact on quality.

25% is somewhat minor to me. i.e. one can view it as each bluray costing you 6.25 euro instead of 5.

reencoding takes time and effort. i.e. lets say an encoded movie could be stored for free (not true but useful for argument). that means if it costs you 200 euro to store 200 simply decrypted movies, it means if you would spend more than 1 euro of your time, energy ... on each movie, its better economically to not reencode it. from my experience, one ends up spending a decent amount of time per disc.

edit: the above is just my logic for why the added cost isnt much to me and something i think others should consider. there might be good reasons why it doesnt apply in specific situations, but i still think everyone should think long and hard about it.

actually, strong disagree, bluray drm is just as broken as streaming "widevine" (or other) drm. neither has been cracked, the algorithms are just well understood and in both cases people have figured out how to exfiltrate the keys needed from devices with them. in practice, its a very similar set of technical steps for both.

this is distinguished from DVDs where one can brute force it without starting with a key.

the only distinguishing thing between bluray and streaming drm is an end user simplicity thing, but thats more of a "product" / end user technical ability distinction than anything else.

True, but it's not like you have to rip it every time you watch or listen to it. And even if you do need to rip it again, it's not like they can go back and re-encrypt the data on a physical disc that you possess.
Why would you want to own a movie? I rarely watch movies more than once.
Plenty of people watch movies more than once, and I’d prefer to not pay over and over.

I buy movies that I know I’ll watch repeatedly, e.g. LOTR extended editions, Alien anthology, The Matrix, Die Hard is a Christmas movie tradition, etc.

And, some people enjoy collecting movies.

Same with music.