Thanks for the perspective. I understand the sentiment, but I fear Mickey-Mouse'ing of that 3 years. If that company is wildly successful, they'll have the funds to lobby for extension after extension on that 3 year expiration. Just like how many Disney properties were supposed to enter the public domain in 19xx but are still off-limits (yes, copyright law is a different domain, but the concept translates). On principle, I think there must be a hard line that the system does not work this way - "we know it's bad but maybe it will only last a few years" isn't a compromise I'm comfortable making.
I get your reticence. I think you have the hardline of it is done three years after submission with NO exceptions. No extensions, no derivative works. I think we are generally agreeing just that the law must have teeth or it will be bypassed or revoked. It is a fair point but we have to assume some partial rationality when proposing solutions or their can be none.