Of course it's theft. That's not the point.
The point is that theft has provided a viable, risk-free, and more useful alternative to legitimate acquistion. It is, in a word, better. Indeed, it is vastly better, otherwise this massive theft-engine you scorn would not exist.
And this is an important lesson: the old methods are outmoded, dated, dying. The Pirate Bay is one of the people killing them. This verdict is one of the last gasps, the desperate final defense against the encroaching reality.
But reality will not, can not, be denied. Any effort to do so is inevitably doomed to failure and will do incalcuable harm. They do not have the dignity to come along quietly; they must rant and rave, unhinged, dangerous, against their demise. And that can only accelerate it.