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No, this has enormous implications to break the monopolies of many companies and supply chains. Companies like Broadcom and Qualcomm only exist because of their anticompetitive IP nonsense. This is everything anyone could ever dream of for Right to Repair. It stops Nintendo's nonsense. It kills Shimano's anti competitive bicycle monopoly.
Every frivolous nonsense thing has been patented. Patents are not at all what they were intended to be. They are primary weapons of the super rich to prevent anyone from entering and competing in the market. Patents are given for the most vague nonsense so that any competitive product can be drug through years of legal nonsense just to exist. It is not about infringement of novel ideas. It is about creating an enormous cost barrier to protect profiteering from stagnation by milking every possible penny from the cheapest outdated junk.
IP is also used for things like criminal professors creating exorbitantly priced textbook scams to extort students.
All of that goes away if IP is ditched. The idea that some author has a right to profit from something for life is nonsense; the same with art. No one makes a fortune by copying others unless they are simply better artists. Your skills are your protection and those that lack the skills have no right to use their wealth to suppress others. The premise of IP is largely based on an era when access to publishing and production was extremely limited and required large investments. That is not the case any more; that is not the world we live in. Now those IP tools are used for exactly the opposite of their original purpose and suppressing art and innovation.
Why not just go back to 14 years with another optional 14 year renewal period if you are still alive.
And of course corporations should not be able to hold copyright, only license it.
Edit: speaking specifically to copyright of course. Although regarding corporations, I'm still in favour of that being applied across the board.
I'd say more like 4 years flat if anything. You get a head start, but others have a right to build upon it. The best things humans do are collaborative. When others are inspired to build upon your shoulders, you must be open to collaboration if you want to maintain control beyond a short first to market advantage. The age of tyrannical monolithic giants should end because we all stand on the shoulders of others. There are no truly original ideas born from a vacuum.