It's an intangible asset with a highly subjective value. It doesn't really exist in a real sense, as we can't isolate the braincells that came up with and/or the idea itself.
It's not a human right to copy the thoughts/efforts of others, but intellectual property is bullshit from the word go. It's basically just calling dibs on an idea/concept, that others would almost inevitably reach even if you didn't. It cripples further potential developments and creates monopolies which harm people for ridiculous profit margins. Which are then used to bribe politicians who enforce retarded IP laws etc.