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It seems like uses of it should be either TypeError (for invalid arguments) or NotSupportedError (for unsupported operations). See also https://www.w3.org/Bugs/Public/show_bug.cgi?id=27283
This bug affects Encrypted Media Extensions, which currently specifies using InvalidAccessError in cases where invalid argument values are encountered. EME bug https://www.w3.org/Bugs/Public/show_bug.cgi?id=27283 recommends changing this to TypeError. Both Media Source Extensions and Web Crypto follow this convention.
Moved to https://github.com/w3c/encrypted-media/issues/103.
Oops, that was an EME bug that was moved. I don't know whether the WebIDL issue has been addressed.
Fixed by https://github.com/heycam/webidl/commit/671706d