You can use whatever term you want for the behavior -- we all know what it is and why it isn't right and it is just as wrong as stealing IMO.
But when does the theft actually take place? When I download the content? That's obviously a victimless crime, up until the point I derive value from what I 'stole' by watching it. At that point, what have I done that's any different from checking a book out of a library, where a vast number of readers can derive value from a limited number of purchased copies?
Words, like laws, sometimes outlive their relevance.