"ip" = "intellectual property". It's literally in the name.
Property isn't defined by quantity or finiteness. It's anything, real or otherwise, for which ownership consists of a set of rights to control the exploitation (aka "use") of the thing.
The name is in short shit. If I decide to call cars electric horses they still wont require breeding, pastures, or feed and will will need mechanics, gas, and pavement under the wheels.
Property isn't defined by quantity or finiteness. It's anything, real or otherwise, for which ownership consists of a set of rights to control the exploitation (aka "use") of the thing.