More people would be able to innovate on said "non IP". Multiple lines could be developed by multiple independent teams, extending the non ip however they see fit. By encouraging competition, the better content would thrive.

It lowers the barrier of entry, enforcing competition and lowering distribution cost. And without the ludicrous profit margins and legal overhead from big conglomerates, it would be cheaper for the consumers, and more of the fees could be distributed to the actual people working on the creation.

This is prettyranty, sorry if it's not too clearly articulated.