Eh, no. "I'm going to make things annoying for you until you give up" is literally something already happening, Titanfall and the like suffered from it hugely. "I'm going to steal your stuff and sell it" is a tale old as time, warez CDs used to be commonplace; it's generally avoided by giving people a way to buy your thing and giving people that bought the thing a way to access it. The situation where a third party profits off your game is more likely to happen if you don't release server binaries! For example, the WoW private/emulator server scene had a huge problem with people hoarding scripts, backend systems and bugfixes, which is one of the reasons hosted servers could get away with fairly extreme P2W.
And he seems to completely misunderstand what happens to IP when a studio shuts down. Whether it's bankruptcy or a planned closure, it will get sold off just like a laptop owned by the company would and the new owner of the rights can enforce on it if they think it's useful. Orphan works/"abandonware" can happen, just like they can to non-GaaS games and movies, but that's a horrible failing on part of the company.