The order explicitly rejected RedBox's argument that they're "merely selling a piece of paper" -- the judge basically said the paper and the code printed on it

The order explicitly rejected RedBox's argument that they're "merely selling a piece of paper" -- the judge basically said the paper and the code printed on it has zero value, the value is entirely in the fact that the code unlocked the copyrighted material. As such, it'd presumably be identical to sell the codes digitally vs physically, in the court's eyes.