Copyright certainly does encourage content production. There are definitely people who create for the monetary reward, which decreases dramatically without copyright protection.
Copyright also has effects that discourage certain types of creation, but that doesn't erase the encouragement it provides as well.
It doesn't erase it, no, but certainly negates it. At least in terms of quantity and diversity. As for quality, I don't think I'd personally miss any content that would cease to exist without the monetary incentive. Though others may differ.
Copyright also has effects that discourage certain types of creation, but that doesn't erase the encouragement it provides as well.