I am a pretty extreme libertarian (kind of a nutter) and keep getting worse at it, but the reason that argument is flawed is that it assumes anyone can own electromagnetic radiation frequency.
Nobody owns a frequency, they have the right operate on that frequency.
It is a government construct that have no natural scarcity to them
The electromagnetic spectrum does have natural scarcity, due to interference. Have you ever had trouble getting a strong WiFi signal due to neighboring WiFi? You experienced electromagnetic spectrum scarcity. Now, you are probably going to jump in and argue that if only the government didn't constrain WiFi to 2.4GHz, there wouldn't be any scarcity. The problem is, there is still very much a finite amount of useable spectrum, and in fact a lot more of it is in use than you realize.
Nobody owns a frequency, they have the right operate on that frequency.
It is a government construct that have no natural scarcity to them
The electromagnetic spectrum does have natural scarcity, due to interference. Have you ever had trouble getting a strong WiFi signal due to neighboring WiFi? You experienced electromagnetic spectrum scarcity. Now, you are probably going to jump in and argue that if only the government didn't constrain WiFi to 2.4GHz, there wouldn't be any scarcity. The problem is, there is still very much a finite amount of useable spectrum, and in fact a lot more of it is in use than you realize.