Physical inventory and IP are analogous in that they are both types of property that their owner intends to use to generate revenue (and hopefully profit).

> it is much more complex process to valuate intangible assets such as ip.

Please note that my argument above assigns a value of $0.00 to the IP itself.

Even at that valuation, you can still commit theft by robbing me of the opportunity to use that IP to generate revenue. By analogy: when you steal a TV, you are charged on the retail price of the TV (the amount you should have paid for it), not the wholesale price (the amount the store paid for it).