Exactly. There's nothing frightening about this at all; it's a nuisance at best for the sites. Between using IP addresses directly, or editing a hosts file, or switching to an offshore DNS server, it's all of a 30 second delay.
For sites dedicated to piracy, it won't make the slightest difference in traffic. The demand is there, so people will seek out the product. The idea that making it marginally (or even substantially) more difficult to find will reduce demand is like saying "If Barnes and Noble doesn't carry pornography, there won't be any demand!"
Is piracy morally justifiable? Not really. In the end, someone is going around the rules of society for personal gain. Still, available evidence suggests that the actual economic damage is minimal, at worst, and possibly that it's helpful to the bottom line. People who pirate seem mostly to be people who wouldn't pay anyway, so they're not really lost as customers. Additionally, word of mouth can help the popularity of films, regardless of whether that opinion came from a free screening, a paid viewing, or a pirated download. From a practical standpoint, it doesn't make sense to focus efforts on stamping out something that's so benign. In other words, we shouldn't tolerate measures that negatively impact the rest of society to protect one group from an imaginary harm.