I think the idea that things have swung far to the side of the IP holder is a valid argument. But I don't think it's so much that the IP laws were designed for a different world as it is that large and powerful IP holders (Disney is the canonical example, but far from the only one) hijacked the copyright process for their own ends, blind to the way the world works today. The core concern, to my mind, is that creators be compensated fairly for their labor, however we end up defining that. Burning down the current system is likely the only way to find our way out of the mess we're in.
IP laws were designed in a world without the means to effectively make infinite copies for free using only hardware that everyone carries on their person at all times.
You may say that you think copyright still works for the world we are in today (I don't agree) but that it was designed for a different world is undeniable.
