"Creators should enjoy the ownership of the products of their labor."
The basic issue some are concerned with is that "ownership" of intellectual property gives people or entities rights that infringe on regular property rights. There's an inherent conflict, so you can't just maximize both at once.
Socialism is doing quiet well in Europe and seem to provides a much better standard of living for the average person than America's capitalism implementation.
The problem is with the youtube's implementation. There are no negative effects for the large players who falsely claim copyright.