Theft- taking something from another individual or organization against their will.
Now, how does that not apply to warez? A physical-state object is irrelevant- I can steal an idea, and if someone steals my models or my book from me (both of which are solely in electronic format at the moment) I will ****ing hunt them down and skin them alive with a rusty spoon. Of course, parasites who don't actually produce anything for their income or ever plan to wouldn't understand the concept of proprietary rights in the vaguest, so it's probably a waste of time to try to explain this to you, but warez is by definition theft.
Whether it's invariably unjustified is another story. I don't price-gouge, I actually sell my stuff- when I do sell stuff- at well below the market average, probably a good less than the $10 an hour I could be making at manual work, because I genuinely enjoy making the stuff, and would prefer most of the time to be doing something I love (/hate, depending) and get byin than work at a job I hate for a few extra frills. Setups like Photoshop take what they can get, not what they need, and at that point the social contract with the people is violated, and a degree of theft is, while not a good, acceptable in the balance, and a way of counteracting overpriced software's tendency to be closed off to the non-rich (incidentially, my copy of Photoshop is legit- I like their product, don't wanna deal with the flaws that always come with cracks, and didn't have to pay for it in the first place- gawd I love small corporations).
However, you don't have that problem with games- anyone who can afford the sort of computer that's needed to run modern games can afford a game if they really want it. If they don't, then, well... you get the warez kiddies, who feel obligated to have 20 gigs of stolen files on their computer at all times or else their manhood is somehow null. Which is idiotic, and frankly I'm on the side of the assholes who plant viruses in ISOs. If you can't pay $2000 for a piece of software, you are poor- and if you're clever can do what clever poor people have done for centuries on end, which is **** the system. If you can't pay $50, you don't want the product, don't need the product, and don't have any claim to getting it another way. Both are theft, but one is the "liberation" sort of theft and the other is the "I'm a scriving piece of **** who should have my computer taken away from my punk ass before I start kidscripting viruses" sort of theft.