> "A tiny minority has a huge benefit and society does not really notice the difference" seems like a utilitarian argument that the system is working as intended; there is net positive benefit.

If tiny minority + 'society' is the entirety of the system, then that's true, but there are also plenty of players who lose out due to restrictive IP regimes—and it's hard to quantify the extent of those losses. (Whether or not the benefits they would reap from looser IP are appropriate or fair is beside the question for utilitarian computations.)