nobody is proposing "taking away the possibility of reward", or making anything such that "you couldn't win the jackpot even if you hit all the numbers", so it sounds like there're no issues with the proposal
if there was data that shows copyrighted works usually earn nothing the first 5 years, and earn significant value after that, or even that annual earnings from copyrighted works usually increase after 5 years, the argument against the proposed reform would be more convincing,
but in any case, the purpose of copyright is to encourage new works, not allow authors to perpetually cash in on old ones like a lottery ticket instead