I don’t know what the contract says, of course, but the Paramount that produced the series is a different corporate entity from Paramount+. The former Paramount almost certainly still owns the home video release rights despite the tax write-off from Paramount+.

The former Paramount did a good job of releasing all of season one across two sets, and are typically very good about home video releases for Star Trek generally, so I wouldn’t be too worried about a physical release.

Also, Netflix used to do physical releases. I have the first two seasons of Stranger Things on 4K. Would be nice if they ever released the rest. Hulu did the same thing with Handmaid’s Tale; I have the first three or four seasons (whatever they released), and then they stopped.