https://github.com/benvanik/xenia/blob/master/src/xenia/kernel/xam/xam_content.cc#L46
As described in the comments the license mask tells the game if it's a trial/demo etc.
But since it's not automatically detected by xenia it's always a trial or demo even if the game was purchased except for ISOs/disks.
Currently you have to do the equivalent of reverting https://github.com/benvanik/xenia/commit/c1d3d62e2a0f65cf04ac00be7a2b2598a51a68e3#diff-3b0782cb74d284e5e3191984cec00709L41 to make games run like they're purchased.
To solve this you could either:
Related: #318
While I think this is a good idea, I think the xenia devs purposely chose to have games run in demo mode :/
Currently this is intended and will not be changed for the foreseeable future. If you desire a different license mask, you may build Xenia yourself.
Fixed by #1432.