It all depends on the purpose of copyright in the first place. In the US, at least, copyright law stems from one section of the Constitution:
The Congress shall have Power ... To promote the Progress of Science and
useful Arts, by securing for limited Times to Authors and Inventors the
exclusive Right to their respective Writings and Discoveries.
The stated purpose is clear: to promote progress. It's not difficult to evaluate the current environment in terms of this initial purpose, and I imagine it would be tough to build a case that piracy is stunting artistic progress. (And thus difficult to justify laws that inhibit file-sharing.)
Somewhere along the way, people began to confuse the concept of promoting-artistic-progress with ensuring-people-can-make-millions-of-dollars. These are two unrelated things. The success of some company's (or some artist's) business model has nothing to do with the progress of the arts in general. So I agree with you: the amount of monetary "damage" caused by piracy is entirely irrelevant.
What really matters is the moral argument that piracy equates to theft, or that piracy hinders artistic progress. I don't think it does. But if anyone disagrees, I'd love to hear your argument here: http://news.ycombinator.com/item?id=3577454