Like DVD before it, Blu-ray includes region locking as a feature (but apparently ~70% of disks don't bother with it, notably Paramount and Universal don't). Non-locked disks are marked as ABC (A is the Americas and Asia, B is Europe/Africa/Aus/NZ, C is Russia/India/China).
The media includes bonus features that generally aren't available in streaming or torrents.
The media will not suddenly stop existing if some server breaks down, some company goes under or some contract expires.
The movie will not suddenly get "patched" with an AI-upscale or censored scene one day while watching it.
You can lend the media to someone else to watch without having to ask for permission to anyone else.