LLMs and AI are changing that proposition substantially - human effort involved in producing copyrightable content is getting reduced constantly to the point that if we abolish copyright entirely we'll still have more content than we could ever hope for.
AI/robotics eliminating scarcity of physical goods sounds very far fetched but in the intellectual space it looks very very plausible in the near future - so it could be time to abolish IP laws soon, especially if AI manages to advance enough in R&D and research space.