Yes, though the overhead of requiring annual extensions might be a bit much.
The pre-1976 scheme required a filing and fee, though it was relatively modest. All non-registered works were public domain, and the circle-C symbol (or phonogram cicle-P) and notice were required.
I really wish we'd go back to something more like that.
It could be adjusted pretty easily. For example, do it every five years, and multiply by 100 each time, or whatever seems to make sense. Heck, if you're worried about people who aren't aware of the requirements getting screwed, have automagic and free copyright for the first five or ten years, then start requiring filing.
The pre-1976 scheme required a filing and fee, though it was relatively modest. All non-registered works were public domain, and the circle-C symbol (or phonogram cicle-P) and notice were required.
I really wish we'd go back to something more like that.