What would be the point of having copyright at all if the term was that short?
Or what about people who write books? Shouldn't they get money if their book is turned into a movie? With only 2 to 3 years of copyright, many books will go public domain long before a major movie can be put together.
Copyright of 2-3 years is better than no copyright at all, but it's so short that it's basically useless.
Besides, you really don't think there would be a market for taking less well known songs, rebranding them to make them palatable to the masses, and selling that? I can't imagine that if it were completely legal, they wouldn't try.