A revocation of intellectual property will most likely require similar forces to the revocation of private capital — societally huge shifts in income distribution, production, infrastructure, and scale. I think those changes are worth making, but doing so would be very, very hard.
I am amenable to making current law much more reasonable, such as requiring a maintenance to keep IP relevant, cutting IP protection down to lifetime of author (not the company), making government funded IP freely or cheaply available to the public, putting abandonware into the commons after 10 years, fully legalizing emulators, etc.