> Perhaps because laws and regulation are part of the market.

To be more precise, there would not even be a market without regulation. Since IP can just be copied, only when "ownership" is artificially enforced by some sufficiently mighty entity with the power to do so is there anything to trade in the first place.

While enforcement of ownership needs to exist for everything, as the basis for markets, for these intangible things it is far more important. Defining copying as "stealing" sure is a cultural and arbitrary decision, not something the universe demands of us.

The effort necessary to track and enforce ownership for IP is huge and itself not part of the "market". It's much easier for tangible assets. The effort required to create a "market" for IP is on another level.