These "we collect from everyone, and somehow will magically know how to divvy the money fairly" kind of collection societies fail miserably for a good reason. Namely: no accountability, no incentive to be fair, no reason not to be corrupt as hell, no sense of fairness and justice.
I'd happily pay a tax for media if there were a workable solution, but there is not, and I doubt ever will be.
If by "intended effect" you mean "intended by corporate lobbists, then you're right.
ISDS originally intended as a compromise by developing countries to attract investors to their country. It is in no way beneficial to the country directly, because practically it is relinquishes part of it's sovereignity for foreign investors.
This shit got out of hand when corporations started to sue for lost _expected_ profits and intellectual property.
I can rent a studio for my music to be recorded. I can commission an agency to run an advertising campaign for me. I can pay for hosting of my music (or in this case, spotify can pay me) to distribute it. I can hire a manager to do all this stuff for me.
Nowhere in this process my copyright needs to be reassigned. It's high time artists forget viewing labels as a huge contributor to the release process, because they're no longer.
OR if they get into one of this ISDS shit, India should set a precedent on not considering "lost expected profits" as lost physical assets (which they are not) and fighting back secret corporate kangaroo courts.