The whole world used to be that way, though - kings owned everything and if you didn't like it, die - but it pissed people off so bad, they took back the rights to what really was the king's property.
The real problem seems to be how easy it is to enter into extremely unjust agreements online.
In the real world, it's not easy to sign a contract giving up all your future rights - imagine if a car company tried to slip clauses into a car purchase agreement giving them the right to take back the car without explanation at any time. People would rebel. But online, people regularly click through things just as bad as this.
People act like reputation pressure is enough to stop this - but in the real world, not everyone is informed enough to keep up to date on every entity's reputation, and in many places, communities have just taken the shortcut of making certain types of deals illegal, at the expense of the freedom of the seller to make that type of contract.
