Neither Intellectual Nor Property
Techdirt's Mike Masnick is writing a series of short articles on topics around intellectual property. His latest focuses on the term itself, exploring the nomenclature people have proposed to describe matter that is neither intellectual nor property. The whole series (starting here) is well worth a read.
A better prior art example might be Lou Reed's Metal Machine Music, a 1975 double album of nothing but constant overdubbed guitar feedback. Although Reed claimed at the time that it was a serious artistic endeavor, it was widely speculated that it was made entirely for the purpose of getting his record contract terminated, and I remember reading somewhere that he once admitted to never even having listened to the album all the way through.
Momentarily, the need for the construction of new light will no longer exist.
An "average" patent (basic electronics, software, mechanicals) costs between $4k and $8k in attorney's fees, plus the USPTO filing fees. Relative to the market potential, fees are minimal. That cost vs. reward is something the business, inventor, etc., must take into account when securing IP protection.
Biotech patents are another story but rarely go above $100k in fees. Assuming that a drug, for example, could bring in hundreds of millions+ in sales, the fees are pretty insignificant...
It's also a very rare situation that a lawyer will take an interest in the IP in exchange for services.
We figured out a long time ago that it's easier to elect seven judges than to elect 132 legislators.
If you read further down the Wikipedia page, you'd know that it actually did happen:
Crumb's Corollary: Never bring a knife to a bun fight.