I don't know why you are being downvoted for asking a question, but I think it's incredibly important to educate people on the dangers of your proposal, i.e. to answer it.
A short answer is "everything Stallman has ever warned us about (most of which has already come to pass)."
A longer answer contains many, many reasons, so I'll just throw out some paragraphs.
Ownership is more than psychological, it's about your right and ability to do what you want with your stuff. It's also about whether your stuff is designed to help you or to work against you. "Do what you want" includes modifications, repair, and any usage that you might want even if not officially sanctioned by the company. If you don't own your stuff, you can't control whether it's tracking you and sending back data about you. You can't control whether one day the company goes out of business, or gets bought by a new owner, or decides for liability reasons or whatever that they should remotely disable or recall the product (maybe at the moment you need it most).
There's also a reason that "rents" are a hugely important concept in economics. In general, the renter is open to exploitation by the rentee who continually makes money not by creating additional new welfare/value but due to a historical circumstance, i.e. being the one who originally owned the thing being rented.
More issues: paying for services actually accentuates the problem of planned obsolescence, because it gives the service-provider the ability to terminate or alter terms of the deal at intervals (or immediately via software update) thus virtually forcing an upgrade.
When products are built to actually last, buying is perfectly environmentally-friendly. If you look at a mid-20th-century family's home, almost everything in it was built to last for decades -- furniture, appliances, vehicles, even clothing (with appropriate repairs). That was a result of the purchasing equilibrium. Many people have had to move toward the renting equilibrium where they don't expect to own things permanently, and the stuff they own is crap.
I'll stop there, but reiterate that the number 1 issue is ownership and control. I suggest you try the thought experiment of placing goods on a scale from "most ownership" (purchased for long-term reasons, customizable, repairable) to "least ownership" (comes with terms and conditions, may be updated or changed by the company at any time), and evaluate each good by how long it lasts, environmental-friendliness, how much it respects the rights of the user versus the wishes of the producer, and how much it is subject to planned obsolescence. (Starter: the iPhone is on the far end in all categories.)