Compulsory licensing for mass-distributed media is a good idea. Ever since the Napster days I've wished the media market worked kind of like a spot electricity auction market, and any provider could bid on any show.
If I develop a service with a clever new gimmick-- a better recommendation algorithm, a clever social feature, improved accessibility, whatever, it's dead in the water today due to no content. I have to sell out to a big player to have any chance at traction. If I can just pay for a compulsory license, I can focus on the thing that makes my offering unique.
I also think compulsory licenses might provide a desirable social benefit-- separating the artist from their work in the public's eye.
Look how every election year you get the songwriters beefing and suing "I don't want campaign A playing song B". If everyone knows all content can be compulsory licensed, the air of endorsement is gone and nobody has to get inconvenienced or angry.
Not everything covered by copyright is a purely economic transaction. To varying degrees, some or most art is an expression of the artist and means something to them. There's more to seeing someone you disagree with use a piece you poured your heart and soul into than just an assumed endorsement.