The Windows 10 Digital Entitlement is tied to the motherboard. This is well documented.
I do not know, nor do I particularly care, what unique identifier they are able to grab to make that link, but it's got to be there and it's got to be universally "grab-able" and unique.
You can swap out hard drives, optical drives, keyboards, you name it to your heart's content. As long as "the heart of the computer" remains unchanged you can install Windows 10 daily, if you do desire. People have posted on these forums repeatedly about changing out HDDs for SSDs on existing systems with Windows 10 and were able to clone their existing systems over to the new storage device and have everything working fine.
Microsoft wisely used as key a specific piece of hardware that very, very seldom ever gets changed on the vast majority of computers.
Brian AKA Bri the Tech Guy (website in my user profile) - Windows 10 Home, 64-Bit, Version 1803, Build 17134
. . . the presumption of innocence, while essential in the legal realm, does not mean the elimination of common sense outside it. The willing suspension of disbelief has its limits, or should.
~ Ruth Marcus, November 10, 2017, in Washington Post article, Bannon is right: It’s no coincidence The Post broke the Moore story