Maybe for current in print books, but the concern is about rare books being pulped in this process. If a book is rare then it isn't in print, so nobody is making money out of it.
Unfortunately copyright law does not have a squatters-rights exception
I've believed for years that it really should have one, or at least a "you aren't selling this to the public at a reasonable market-rate price (or via subscription, I care about access far FAR more than ownership), you lose all rights to it" regime.