The purpose of IP law is to protect the creators of intellectual property. Without IP law protections, there is little to stop those with more money/resources from simply taking whatever good ideas from their creators and making their own version of the product without ever paying the original creator or giving them any credit for coming up with the idea.
IP law also protects creators' creative control over their own creations. Matt Furie, creator of Pepe the Frog, is using those laws in order to stop white supremacists from using his IP in their books and products. If IP laws were to be abolished, anyone would be free to use any IP for anything, including people whose ideals you probably hate.
A generally good rule of thumb is to consider what the proposed legal change is and how the worst people in the world could take advantage of that change if they were the ones utilizing it. We can't really legislate intent, only action. If you're ok with the results in the worst case scenario, by all means lobby for such change within the legal system.
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