As with software patents, I think there's an argument to be made that this is no longer true. Digital modulation schemes are leagues more efficient than older analog techniques, both in terms of power and bandwidth. Spread spectrum schemes in particular are even reasonably resistant to being plopped on top of each other.
The spectrum ownership scheme allows established players to sit around on their asses using loud, inefficient modulation schemes with huge dead zones in between channels because they don't need to do any better than that.
I think radio technology would be better across the board if spectrum were open, and if people had to compete by using better, more efficient, more interference-immune modulation schemes, or risk getting stepped on by someone else. If we had a system like this, the noise floor would just slowly increase in heavily used parts of the spectrum, rather than what we have now, which is a whole bunch of legally mandated quiet zones punctuated by huge narrow carrier spikes.
The technology to do this exists... you can go buy a broadband SDR and put together a system like this in GNU radio fairly quickly for experimental purposes, but it's not really legal to actually use this anywhere.