We're not talking about "something" in general, but about digital infrastructure.

> Almost all of us have money which is not kept on our persons or property, in banks and investments. I think people would be outraged if someone told them it belonged to the bank.

A better analogy is if you have a cryptocurrency wallet managed by Coinbase. You don't own. And they can in fact suspend your account (and probably take your crypto) if they don't like you.