It works when you are catching up. Japanese companies used the same strategy post-WWII. And a lot of other countries, Japan is just a striking example as it was so visible and quick. “Made in Japan” went from derogatory to a sign of quality in about a generation.
Surprisingly when you are in the lead and others have to catch up, IP protections sound much better.
The US industrial revolution was based on it: Samuel "Slater the traitor" memorized designs from a factory he worked at in England and became rich after bringing them to the US.