IANAL and IANA business/stocks person, so allow me to vomit nonsense, but how is this not unlike equity in a start-up? Or stocks in a public company? Especially in the latter case, one can have theoretically a 17/333,396 stake in a company.

I'd imagine it might be different though because companies are regulated and there are things like the FTC, and a company is an organization, so certain concepts like "liability" and "rights" to utilize the property are better defined than for a random parcel of land, but still, it's not like "ownership by many" is that foreign.