Today Steam released a patch to their client that allows games to removed permanently from your steam account thus also removing the ownership for that title as well, so I guess this would be an useful feature if you bought a game that is so bad that your buyers remorse would go away entirely if you remove the game from your account, which well, there is also a refund system for those people that were disappointed with their purchases, so I would not know of what purpose would this serve but there it is, if anything, it gives the user more options so that is never wrong.
If you are interested in how this is done, simply go to the steam support tab, go into games and applications, select the game you want to remove and hit the button that says remove completely from your account and that’s it!
Includes several titles.
Which was showcased at E3 2003.