The multi-club bag I paid 400 credits for was taken away from me. How many times have we heard that once we own it is ours.
All the apparel from Flash I earned was taken away from me. Again, once we own it is ours ... WGT mantra.
So now, lost the bag, lost the apparel I earned, but ...
"once we own it is ours" - where is that written? Yes, most items' characteristics do not fade or age, but that's not "ownership".
One big flaw in your argument:
We own nothing in this game!
Read the T&Cs: Starting with the credits, we buy nothing but software licences which may be revoked by the company. They do so all the time with the balls, after a certain number of strokes. But, they don't age!
Now it looks like those flash-based licences of bags and avatars have been revoked, as they don't appear in the inventories any more.
It's bad for customer satisfaction but it's a fact for now, and it's legal!