what stops them from replicating my thing with more money and resources?
That's what happens today, anyway. Most of us cannot afford the lawyers to make the law work for us.
In contrast, if we re-use an innovation the billionaires have purchased, we go to jail.
I've created lots of things. The moment I finish creating it, I sign over my IP rights in exchange for money for food, and never have a right to it again.
Without IP law, the thing I created would at least be in the commons where I can still legally use it.
(I agree with your point, some IP law could be better than none. But I'll assert that a total void of all IP law would be better than what we have now.
And we need to theaten to void it all, to get the current rights holders to negotiate. Frankly, I don't think they will. I think we need to void all IP law and then encourage the next generation to create some new IP law after we starve our current billionaires.)
(All this is in spite of my objection to being on the same side of any argument with Jack Dorsey. I have no illusion that his motives are pro-social.)