Yes, most DRM can be hacked in a matter of seconds or minutes or hours, depending on the DRM. Yes, if the format is put out in DRM, it will probably still end up on P2P sites.
The problem is content owners want the "IMPRESSION" they are being secure with their content. It doesn't matter if the DRM is hacked after they send it out, at least they have given the appearance of trying to protect the content. Also, if they get into trouble with Shareholders, etc, they can then turn around and blame the DRM provider.