HDCP.
Some blu-rays force you to update before you can watch them. Also, the key revocation lists can (I believe) be included in the blu-ray itself to make them work offline, too.
Alternatively you plug into the output of the decryption module in the monitor before it hits the screen?
I believe you can also in some instances skip the hardware capture card and instead capture the data stream out of the host's RAM.
Inside the monitor, the decryption module and the main SoC controlling the hardware are usually the same physical chip, so grabbing data there will be close to impossible.