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also alot of games have drm that make the game usable on only a few computers
Someone else could use it to install fallout 4 without downloading as much but ONLY if they own the game on steam also.
The key is what lets you play the game, you can just use the key via steam and download it all. The disc is just a other way to install the game. (but you have to patch it anyway probably)
Nope, it has no use.
CD/license keys are one-time use. The unique portion of a physical copy is the CD/license key, not the CD itself. The CD contains software to install the game (whether it uses Steam or not) and the CD/license key is what activates the installed game product for use.