Copyright Office mostly agrees with you in their response to an inquiry about IA National Emergency Library by a senator[1].

But there are things in that response to distinguish IA actions and motives from other bête noires of Copyright law (The Pirate Bay, etc.) That would give IA and their supporters something to work with; intents, outcomes, and the limited nature of IA NEL would (hopefully) harness publishers opportunism in the view of the law.

[1]: https://www.copyright.gov/laws/hearings/Sen-Udall-Response-N...