All kinds of physical property rights do expire -- leasehold interests, life estates, etc., are, after all, property rights -- though most common subjects of physical property have some person somewhere holding a "root" set of property rights which are held in fee simple and thus do not expire in the most simplistic sense (though many items of physical property have ad valorem taxes assessed on their value, which is essentially a means of property rights gradually expiring; this is particularly common with real property.)
The reason fee simple ownership as the general norm is the case is largely that the capitalist class, as it was developing and feudalism was declining, amassed sufficient resources and influence to direct government to further enhance the capitalist class's ability to continue to amass resources and influence by reforming property to favor that situation.
All kinds of physical property rights do expire -- leasehold interests, life estates, etc., are, after all, property rights -- though most common subjects of physical property have some person somewhere holding a "root" set of property rights which are held in fee simple and thus do not expire in the most simplistic sense (though many items of physical property have ad valorem taxes assessed on their value, which is essentially a means of property rights gradually expiring; this is particularly common with real property.)
The reason fee simple ownership as the general norm is the case is largely that the capitalist class, as it was developing and feudalism was declining, amassed sufficient resources and influence to direct government to further enhance the capitalist class's ability to continue to amass resources and influence by reforming property to favor that situation.