Worse than the long duration of copyright is that (in this case, and not just this case) it does absolutely nothing for the actual creators of the IP, but only serves to enable all those huge companies that have zero history with the IP (and often zero interest in it) - to sell and buy those rights, and maybe send some cease-and-desists, but otherwise just let them collect dust.

Copyright is no longer about protecting the rights of the original creators... but purely about allowing big companies to purchase and exploit IP created by others.