I'm no free market expert...but wouldn't the free market sort of burn away the IP along with the org.? I would say its a bit of a tweaked/hybrid market (maybe call it libre market?), which - because it includes/allows for open/libre source - has allowed for IP to live on, whereas typical market incentives might have otherwise doomed it to "Sorry, no interest because of Can-Not-Make-Money-Off-of-It-itis".

The company behind the software died an inglorious death. What does the market have anything to do with this?

That it's financial burdens died with it but it's worthy parts were reborn in a new form.