Then again, this is in no way different than Tumblr, which is the most egregious copyright offender, even within its own ranks because of the reblog feature. Recently, the actress Dianna Agron - known from TV show Glee - launched her own website http://youmeandcharlie.com, which does - and encourages - the same thing. And it's building a profitable business on this model, meaning that the people behind the site earn money based on this approach; it's one thing to have a random Tumblr account with no financial incentive, but this is different.
The biggest problem is that we suck at teaching people and our children the importance of proper attribution, and why it is important that we do our best to tie the author together with the work. I don't know if this requires a taboo or campaign, but with services like imgur and Tumblr, it's only going to become a bigger problem - and that's not to discuss how the majority of reporters don't get the point of sourcing either.
I think an ad-hoc approach to dealing with DMCAs - and possible blocking specific content hashes - is the only way to do it for Pinterest. Anything else hurts Pinterest as much as the content owners and shops.
What if, instead, Pinterest were to behave more like google images and provide only thumbnails. Where to see that "12 uses for baking soda" you had to click through to the blogger's site? Could that preserve the service and the community, but protect content creators as well?
There is certainly an experience trade off here. Discussion is less likely to occur on Pinterest, the user may have no further reason to go to that blog -- they only wanted to see the list. These sites might not be able to handle the traffic...and on and on.
But it would seem you'd be closer to sharing your favorite things while not taking advantage of copyrighted material (possibly even being more legal about it), and often providing a marginally better experience. As a user I've now discovered this blog not just the uses for baking soda. For pins where the image wasn't enough, I didn't have to deal with the second click.
Trade offs trade offs trade offs...
Sites like pinterest are probably more alluring and easier to use than compiling and sharing a list of URLs with your friends.