Cable companies are just distributors, not show producers, yet they're always referring to their pay-TV as a "product". How is that any different than pirates offering the same "product" as television without ads delivered over the Internet for free?
Other than this being Slashdot, I'm not sure why you are currently modded +4 Insightful, but probably because Cable companies are licensed distributors, paying and receiving retransmission rights. They in turn recoup their cost through charging the recipients, as well as some of the ads which are local slots, available for them to sell.
The pirates do none of that, they take something, strip out the ads, and redistribute it without permission. People like it, because it's free, but that doesn't make it the same as what cable companies do.