Copyrights (rights to media content) do not lapse because of failure to enforce them.
Trademarks (the right to call your product a specific name) can lapse if members of the general public start associating it with a type of product rather than your specific brand. This happened with “zipper”, “jet ski”, and “popsicle”. But you can’t sue Grandma Smith because she mistakingly referred to an Xbox as “a Nintendo”.
“We will not blame [King George] for the crimes of his ancestors if he relinquishes the royal rights of his ancestors; but as long as he claims their rights, by virtue of descent, then, by virtue of descent, he must shoulder the responsibility for their crimes.”.
-James Connolly
How about we look at the present? Because colonialism isn’t over. People are still suffering from it right now. The global south is still actively being colonized and exploited right now.
You can’t drive a knife into someone’s ribs then say “what’s in the past is in the past, we need to look forward instead” when your hand is still holding the blade. How can you hope to start the process of healing if you haven’t even taken the knife out all the way?
Now, I don’t have all the answers for how that healing process is going to work for the world, but I’m pretty sure a billionaire dancing around in a golden hat and velvet robes with a title that says “God made my bloodline special so I can stab whoever I want” isn’t a part of it.