Yet musical compositions are subject to compulsory mechanical copyright licenses at a fixed rate of 12.4 cents or 2.38 cents per minute, whichever is higher [2] for music covers [3] (i.e. same song, different singer/band or even same singer different time). Meaning you can make a cover without permission as long as you pay the copyright holder at the rates specified in the law.
So we already have cheap compulsory licensing for musical compositions which caps damages at a 1/6,000 to 1/240,000 of the DMCA rates. We should just have compulsory mechanical licensing for recordings as well.
If we really want to get crazy, we could even let copyright holders declare a compulsory licensing rate per work then multiply that by some number to get their intellectual property value and then charge them property tax on that intellectual property. So you can set a high compulsory licensing rate, but then you have to pay more property tax on your income generating property or vice versa. This allows valuable works to be protected to support the artists making them, while allowing less valuable works to be easily usable by whoever wants to.
[1] https://uwf.edu/go/legal-and-consumer-info/digital-millenium...