There are maybe one or two unicorns (like Sheeran) who are so successful that they do make buckets of money - but they too serve the industry's ends. They can be pointed at to convince all the new artists trying to break into the biz that the contracts they're getting aren't really that bad, as they too could become the next Ed Sheeran if they try hard enough.
The system we have is not one designed by the artists in the music industry.
If you make a living under a strong copyright system, you should expect to be perfectly fine as long as you don't copy someone.
Sure, there can be weird exceptions, and as in any complex system, we should adjust the system over time to account for them, rather than immediately throwing out the whole system. For example, when a plane crashes, we don't rush to abolish the FAA, or to ban aviation.
Here is a better example: "Live by cooking, expect to die by getting burned." That's the kind of argument OP is making and it's unsound.