I'm all for it, but someone has to pay to purchase and host the "preserved" content. In other words, your taxes. And if the government is running the program, you know it will be terrible. They're always 10-15 years behind on any technology.
One reason why companies pull shows and movies is to avoid paying residuals to the talented people who do all the work creating the content. This is the real crime, in my opinion. There should be penalties for this behavior.