It was actually really secure, until... PowerDVD. It included the AACS 2.0 Copy-Protection Scheme as an encrypted, obfuscated DLL. Which would've been fine - except they accidentally were shipping an unencrypted, unobfuscated DLL containing all the algorithms alongside it. Big oops there. As for the key material itself - it used SGX [a Secure Enclave for Intel CPUs], but it turns out it didn't check for known old insecure hacked SGX firmware, any SGX firmware would do despite Intel strongly warning that isn't safe. So for pirates, Inadvertently unencrypted DLL + bad SGX provisioning = Ripping movies ~1 year after release despite completely new DRM.
There's always the possibility for stupidity to leak a key.