This is why I sometimes defend the people who want to abolish copyright. I don't think it would actually be optimal, but neither would it be a serious catastrophe, and by making the argument and convincing people of the plausibility of it you create a rational baseline from which to contextualize the naked batshit insane power grabs of industry executives.
The trouble with all of this is that it's ruining politics. The way you optimize social utility is for each side to negotiate in good faith and give up the thing which is more valuable to the other side than it is to them. But in a situation where each side has a veto on getting anything done, refusing to compromise is an extremely effective strategy for exactly as long as it takes the other side to mirror it, and then it becomes a high stakes game of chicken where everybody goes over the cliff unless both sides blink. Because a screaming contest is ineffective, but one side utterly and repeatedly capitulating to the other is even worse.
And that's the situation we're in until the extremists at the heads of these companies give up on demanding absolute control over everything.