Arguably, it’s worse, because it is commercial use at scale. It’s more akin to public redistribution than private consumption.

IANAL but my understanding it isn’t about consumption but about distribution and creating derived works. Viewing copyright material isnt illegal, distributing unlicensed copies is. EG, I can loan you a book I bought, or I can loan you a book I stole and you aren’t doing anything illegal in either case.

Stealing bread doesnt matter because stealing physical things deprives the owner of their thing. IP infringement isn’t theft in the legal or moral aspect.