But still wasted a lot of resources which could have gone in something of real value to nature or humanity

That's arguably 90% of law in hindsight. The problem is that humans aren't psychic, and without the legal system we have a hard time getting along.

I'm genuinely unconvinced that we would be worse off with a reduction or removal of patents' scope over much of modern monopolising in many industries. Sure, it's difficult to know with any certainty that changing the law wouldn't have bad knock-on effects, but what is clear to see is that the implimentation as it currently stands allows for some flagrant abuses.