I don’t see how it would favour people with money, as it should become simple economics: Disney can
afford the $1,300,000 at year 40, but if they project that their revenue from the work will be $300,000 in that year, why would they renew the copyright? They would instead allow it to lapse, and probably get somewhat reduced revenue.
Cash flow should be the only situation where people with money could be favoured, and copyright renewal loans would become a thing to smooth that out (though I wouldn’t expect them to ever be
common).
Registration is a heavy burden that has caused all sorts of pain in the past, and although terms are unreasonable these days I do think that automatic copyright is reasonable. You’re not unsure for ten years, you know for ten years from publication that it’s copyrighted—so you contact whoever wrote it, if you can find them, or you wait and see if not (which would be the case if it was registered anyway, since you can’t predict whether they’re going to renew the thing).
Actually, another argument against requiring registration: it strongly favours big publishers, who know the rules and are used to filling in the paperwork, and makes life harder for individuals, especially in the case of unexpected success (“I didn’t bother registering it because it’s been a waste of time every other time and I didn’t expect it to get popular”). After ten years, you’ll have a fairer idea whether your work is of meaningful commercial value, for which the answer is normally “no”.