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.
There are possibly also longer term repercussions from abolishing patents in that people or companies will naturally instead protect themselves via keeping trade secrets instead. This will probably result in some inventions being lost to history instead of being on the public record once the patent expires.
Yeah, trade secrets will become bigger, so? You need to expose the product. Or the process, things get reverse engineer. Overall, the net effect will likely be positive if monopolies end.