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Most people here fail to realize that there is already a large body of law concerning PP that is not perpetual, by design. I need to explicitly describe it.
I own a piece of land. Can't get any more perpetual than land ownership, right?
Somebody want to buy the land. I don't want to sell. Still at some ridiculous price, I would sell.
That somebody says "Ok, I'll make you a deal. I will pay you 5% of what the current market value for that piece of land, for the OPTION to buy that land at that ridiculous price - FOR THE NEXT 10 YEARS. If, at the end of 10 years, I'm still not willing to pay the ridiculous price for that land; my OPTION EXPIRES, and you keep the 5%, free and clear. Deal?"
Sounds good, I agree.
Now, here is the point. Whether you consider that option IP or PP, IT IS NOT PERPETUAL. It will expire in 10 years. If it didn't expire, I would not have granted the option.
The option can be bought and sold, pledged against credit, sued against or for, literally anything either IP or PP can be used for. But it is wasting away.
Should suddenly it be made perpetual? It would benefit the holder of the option, and disadvantage the grantor of the option.
Exactly the same issues and logic apply for copyright.
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