If we gained less from this than we paid, of course we'd need to either fix the system or abolish it entirely.
The funny thing though, is that I know plenty of people who make music for free, and have no problem even just giving it away. The thing that makes taxi cabs different from music, is that people make music for fun, and will do it for free. I have no doubt that if copyright no longer applied to music, the only people who would stop making music would be the giant corporations who have just turned music in to mass produced shit. Mainstream artists will still be rich, even if they never sold an album, because they'll be able to draw massive crowds to live performances. They just won't be AS rich. However, everyone else will be benefiting from a tremendous boost in culture, when they are able to download as much music as they want from the mainstream artists who are still making money, but would be exposed to more music created by people with no ulterior motive other than to have fun.
Now as a disclaimer, I don't want to step on anyone's toes here, but I personally think there is no reason being a musician has to be someone's career, it can just be a hobby, which is why if they abolished copyright laws on music tomorrow, I wouldn't have the slightest care about society's wealth of music, because people have and will continue to create it.