Reducing/eliminating patent royalties would absolutely reduce costs for consumers. That much is true. But patent royalties are actually a huge incentive to invest in technology. If you greatly reduce or eliminate royalties and possibly even force licensing, that would hurt the firms that are creating new technology and reduce the incentive to invest in new designs. At the same time, if the Chinese me-too chip firms can use these patents for free/cheap, they could further undercut the top chipmakers (more so than they already do), hurting industry-wide profitability in the long term as well.
Don't get me wrong, that's a somewhat separate issue from patent abuse. They need to be fair about their licensing, and there is a middle ground between "free everything, get rid of patents" and "nobody can use my patents unless I say so, and even then I rob them blind". Qualcomm has been abusive, but at the same time we need to tread carefully to avoid setting a bad legal precedent.