The game binaries are encrypted, sure you can image the Blurays and put them online but they won't do anyone much good without access to the keys buried in the firmware, which are also a moving target since they can be rotated via mandatory firmware updates if they get compromised. In the case of the Switch, you also have to contend with the proprietary carts requiring a crypto handshake before they'll let you even read the encrypted game data.
What on earth do you mean? How does a physical blu-ray’s encryption keys get rotated?
Do you mean that the protection on the firmware gets refreshed with updates, but the secret it protects always stays the same?
I mean the keys can be rotated for future game releases, so extracting the keys from firmware X doesn't allow you to decrypt all new physical games in perpetuity, because past a certain point they'll start using a key that only exists in firmware Y onwards. Key rotation was moot in the case of the Switch 1 since the early models were so thoroughly broken that Nintendo couldn't do anything to stop the new keys from being extracted every time, but it worked for Sony and Microsoft whose systems generally only get one-off software exploits that can be closed forever via firmware updates.