As someone who makes minimum wage from my intellectual property, the IP laws (in the UK) have allowed me to prevent the very wealthy just taking my ideas and profiting from them.
And they have tried repeatedly.
It isn’t the law, but the corruption of the law that’s at issue. However, without that legal framework there would be no financial incentive for anyone but the wealthy to make IP.
Is that what you want? Entertainment by big corporations only, and art made solely by the upper middle classes?