Do the artists that are not in the 1% actually benefit from IP or does it hinder them from building new art based on other art? It seem to me that IP only benefits the top players.
Simply because I can't see what you mean by artists being hindered by IP, artists try to create original work, and derivative work from other IP is usually re-interpreted enough to fall under fair use. I can't picture a situation where artists could be hindered on their creations due to IP owned by others.
It's more cumbersome while being fairer, it hasn't stopped at all the practice. As a hobbyist I do it all the time while my professional friends clear their samples before earning money on their tracks.