I agree that it seems, by today's standards, a non-issue. And in reality perhaps it is just my active imagination that is the enemy here. Although I would posit that though 7-10 years seems like a reasonable timeframe to most people today, it will probably appear to be a lifetime to future generations.
If you really think about it, how long do Cell Phones last on the market before they're no longer a threat commercially? If I had to put a number to it I'd say no more than 1 year. After that you better have something new, and hopefully patented to prevent competition.
Now amplify that by 2x, maybe 3x, or 10x. Now perhaps only the patent holder has legal rights to experiment on a given range of problems (given the nature of the patent). I imagine if someone plays their cards right, and hits the "patent lottery", you end up with a "waterfall-effect", or in other words, centuries worth of patents by a single entity with no end in sight.
Perhaps those in the field recognize that biology is just as diverse if not more diverse than most other fields. And my concern could be a red herring. I, personally, have no doubt that the field of biology is enormously diverse, and in most academic settings I'd consider this pretty much a non-issue. I think the over-arching fear is the US has nominated 9 people, none of whom are likely to know a significant amount about genetic engineering, to decide (in essence) the fate of genetic engineering and the "patentability" of specific inventions / discoveries.
What I think the field of genetic engineering may need in its future, is the equivalent of a Linus Torvalds in their field. Someone who will cut through the BS, and donate the overwhelming majority of their work / research to the public domain to prevent or reduce the possibility of some calamitous scenario from unfolding.