That will do nothing to limit megacorporations and would in fact actually advantage them over little folks. Yes, right now our copyright laws are kinda fucked up and in some ways favor corporations, but if you just go and eliminate them entirely? You utterly remove the capability for small producers of content to even BEGIN to profit off their creative endeavors while enabling large corporations to make money off their efforts with absolutely no effort on their own. Right now, if Disney came onto a site like TS and grabbed up someone's original story and made a movie out of it, they would be on the hook for millions of dollars of royalties and in all sorts of legal troubles. Without copyright, they could literally take a story from anyone anywhere, make a movie out of it, and keep all the money, while the original creator of the work sees nothing and has no legal recourse. On top of it all, the megacorp has ALSO now limited the potential return for the work, as the original creator can no longer make a movie and expect to profit from it. Further, Disney could write their own sequel to the story and that effectively undercuts any sequels the original author might try and make and profit from.
The abuse of copyright against small timers by corporations is a very recent issue due to the ease of distribution on the internet and the rise of the "critique entertainment" that Youtube effectively enabled. It is an unusual problem and not one that has been well addressed yet, but that is mostly due to Youtube's inane method of handling copyright claims, not an inherently flaw in the law itself.