I mean. Literally, literally means figuratively now. People look at DVDs and say they’re not a digital copy when they are written digitally. Words are fluid and contextual so to throw out half a phrase is to throw out the ability to understand it.

Property is a system of rights that gives people legal control of valuable things,[1] and also refers to the valuable things themselves. -Property Wiki

An intellectual property would then logically follow it is a valuable thing or idea that is then legally controlled.