A lot of people rip their Blu-rays, there are many hoarders with NASes full of rips and exchanging them via torrents. Preservation is being taken care of in that sense, as long as there are people with that hobby. The problem is for other people to get access to that.
Sure, but with bit rot you would have had to buy a new disc anyways.
Preservation is a totally different subject. It's an ongoing challenge that is nothing new, and something librarians and archivists have made an entire profession out of.
Although these days, preservation is actually astonishingly easy for end users who store media in major clouds like AWS, since the cloud providers take care of eternally ensuring redundancy and re-copying data to new hard drives as soon as old ones fail.
Considering the fact that many pieces of media in streaming services disappear all the time, I think we're fucked from a preservation point of view.