I would add creation within an IP to this as well. There are so many good IP out there that some large company has devoured and actively chooses to just sit on when we could be getting good fan-made content. One example that comes to mind since it was brought up is EA sitting on American McGee's Alice. So many fans are desperate for good content from their favourite IPs and are getting corporate by-the-numbers drivel at best or simply nothing.

I think a good trade off here is fans can make what they want then the owners are allowed to incorporate fan stories at their choosing so X fan game would be the official third game in a franchise then the IP owner could run with those ideas to make the fourth entry, for example. It'll never happen but one can dream.

Canada either did, or still does, have a law like this. Years ago back when getting chipped cards for satellites was a pretty big thing, a lot of people near the US border could get ones from the US that weren't available in Canada and get the chipped card or whatever it was. At one point the company made a request to the Canadian authorities to crack down on it, and the response was something to the effect of 'your product isn't available here, you don't have standing to ask us to do that'.

It's easier to define it as this:

If you commercially release something and region restrict it, people in any region where you don't also provide a legal way to purchase/use it should be free to get it however they want.

What if you create something that you later really hate and don't want it to exist anymore?

This would just incentivize malicious compliance. "here's a list of books we own. To purchase, send a letter to this address with a cheque and wait 30 to 60 days".