The main reason why I think "Intellectual Property" is a misnomer, and it's not actually property, is because creative ideas can not be owned by anyone 100%. So it's not fair for you to benefit from other people's ideas, improve on them, and get get to "own" the new idea for life. Society could give some some limited time monopoly over an idea, if they think the improvement you bring is worth a few years of protection from the Government. But that should be about it.
It's also why it wasn't originally called property, but copyright. The society only allows you to benefit from your idea only for a while, because then it must return to the public domain so others can further improve on it, or at least that's how it used to be. Now copyright protection is virtually indefinite, so that's unfortunate, and it's now how it should be.
Unlike physical representations of function which make sense to be patentable due to the risk of being copied, stolen and possibly improved upon before use or distribution, and unlike software licences which add or enable function into mechanical form, any form of creative art derives its value in the public domain from the public itself.
Therefore, it makes little sense to treat art as property or to put patents and software licences under the same umbrella as copyright.
If copyright for creative arts did not exist, art would very much exist, and if anything would thrive even more. For example, why would anyone go to someone other than J.K. Rowling for a Harry Potter book? Even if it were "better" by some people's measure than her books, it still would not be J.K. Rowling's Harry Potter books. There is no ability to add a strict/objective improvement on creative works - this is a critical difference between form and function.
As an anecdote, most of what I know about the Harry Potter universe comes from reading Elezier Yudkowsky's remix. I've never read the original and only seen two or three of the movies.
It's also why it wasn't originally called property, but copyright. The society only allows you to benefit from your idea only for a while, because then it must return to the public domain so others can further improve on it, or at least that's how it used to be. Now copyright protection is virtually indefinite, so that's unfortunate, and it's now how it should be.