For new versions, you can get a converter; hdcp 2.2 -> hdcp 1.4 and then use whatevee breakage on 1.4. So it's only effective if you don't search.
If you knew the codec used originally you could even try to (near) perfectly reconstruct the original bitstream. Especially if you know various codec parameters and some side-channel data (such as which video data is contained in which encrypted blocks) it may be possible to relatively efficiently search for the bitstream that decompresses to the data that you are seeing.