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It's not a social contract, it's a government granted monopoly.

Currently the 'industry' operates much like a cartel. I would posit that granting monopolies rarely benefits the most people, despite the good intentions.

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It's both: the public grants a monopoly and expects a social contract in return for this.

Note: the public CAN withdraw the monopoly at any time.

Once it's been given? Unclear. Google "regulatory taking." When you downzone property you have to be worried about lawsuits. It seems like you could make a similar argument around copyright.

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