Piracy is not theft. Theft requires the owner be deprived of the thieved property. Piracy does not do that. If a pirate duplicates a work, no lawful owner of a physical copy, nor rights holder, is deprived of that work. The rightsholders still have it. They can still legally duplicate it and sell it.

Piracy is copyright infringement, which is a completely separate legal and moral concept.

My question to you is - if I could duplicate a physical object you own, with no harm or deprivation suffered by you, should that be a crime?