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You’re not wrong, but, like with critics of other “abolish such-n-such” statements, you’re missing a core part of it: replacing “such-n-such” with something better. Copyright has a few important purposes, and I don’t think anyone would want to eliminate it without covering those — and the need for creators to survive, and maybe even flourish, is chief among them.
(Same thing with “defund the police” — the intention was to redirect that funding to crime prevention and “alternative policing” (eg send therapists to mental health emergencies instead of cops). That was arguably the biggest PR fail of the century.)
Also, very very minor point, but as a librarian:
I think “content collections” would be a better term, to preserve the free-to-share subtext of the word “library” — and “collection” has more of a hoarding context, which fits.
Since some commenters on here seemed a little too eager to go with “fuck copyright” and outright dismiss the particular copyright claim the story was about, I thought I’d help make sure they understand that it’s not all bad. Too often have well intentioned people been too quick to dismiss a setup, only to replace it with something worse - or without really having any idea what to replace it with. You seem to understand that copyright serves a useful function in the current market-based economy, warts and all.