I think its an incredibly fair view point. If IA loses, and the way back machine goes down, because they keep losing these lawsuits, then it has absolutely affected this person.
To be quite honest, I even agree. The IA should be for preservation, not for piracy. Right now they're boarding that line of piracy, and tbh, I disagree with that as well. Id rather go to a pirate website to pirate my books, and go to the IA to see what has been preserved.
Does IA have the right to lend and rent stuff? I believe that is the true issue here. At the moment they aren't doing anything different then say what a piracy website would do. The right way would by making said links expire, not allowing infinite copies, and an actual "lending" system would do them more good then harm.