Sure, if you live with an 1800s era mentality about who invents things. This is no longer the era of Thomas Edison and the individual inventor. If our laws don't meaningfully reflect the way our lives are lived now, they won't be useful frameworks. I think your proposal may be about 2 centuries behind the times.

>Without patent protection, any individual or small business that comes up with something new and (currently) patentable would have no recourse whatsoever. The megacorps could just start producing whatever it is as soon as they find out about it, and outcompete the actual creator with massive economies of scale and the ability to take a loss effectively forever on any given product.

It seems like they do this anyway, and patent protections mean high prices for consumers on patent-protected products. Given that in the mid-2020s, the corporation:individual ratio patents is ~18.5:1 (up from 4:1 in the 1970s), I see the benefit gradient being more pro-consumer by getting rid of them.