Uhm. You do realize that, if they weren’t asking the browsers to give them an enclosed sandbox to run this code in, they’d be insisting that you download a targeted plugin to run their videos which would impose similar controls, right?
Maybe that would be preferable. It would certainly let them protect their content better, and could prevent the suggested bypasses by using the sort of timestamped encryption that Lucifer pioneered decades ago.
I have much less objection to DRM – especially of this specific type, where the admittedly fragile distinction between streaming and download is what enables a one-time-use market that otherwise could not exist – than to DRM done poorly.