It feels like it would kind of defeat the purpose. If you like the ritual of physically picking a game and putting it into your machine, there are more practical ways of going at it, like those NFC card-based systems like Zaparoo. If you like having a physical collection, it seems to me that having a bookcase full of labels made with a home printer and with none of the legitimacy of them being “the real thing” would feel rather empty. You can’t legally resell it or lend it to others and if you care about preserving the game without being dependent on an external service that can go down at any time, you’re probably better off keeping several backups of your hard drive than counting on flaky recordable media (hard drives don’t last forever either, but you’re more likely to regularly check on the health of a couple of hard drives than potentially hundreds of BD-Rs and SD cards).

Basically, very few of the advantages of physical media would end up remaining.