It makes sense too: some things just aren't very profitable, and some are. If it's really worth it to the creator, they can pay for it. If they want to keep it locked up for 75 years, they better be prepared to pay very handsomely.
One problem I see with this system is: how does someone know if what they're trying to copy is protected by copyright or not? The government would have to maintain a public database to query. Another possible problem is the Berne convention, which harmonizes copyright across countries.
But yeah, the system we have now is terrible.