But like we learned from .af, any of these TLDs technically meant for a country need to be considered ephemeral. You are sort of borrowing it without explicit (or lasting) permission.
To be fair, this is true of all domains. The broader concern with ccTLDs is this borrowing dynamic layered with whatever geopolitical situation the country is in, how stable the administering authority is with respect to the current regime, or just the political forces at work within the country that may lead to changes or requirements for the ccTLD within the country are registered. There is often a concern of DNS infrastructure and local bandwidth considerations for the data center in which the root nameservers are housed, assuming they are not outsourcing that.
Is this like "one can own land" but really that's asterisked with Eminent Domain (no pun intended)?
Also you can own all sorts of intangible things, so it's really not that foreign of a concept. You can own parts of the RF spectrum in your country, or mineral rights to a specific piece of land, or you can own a piece of intellectual property or a patent. Domain names are just another flavor of intangible property ownership.