Ah, hubris! One of my favorite old-timey sins.
You are of course correct. The signal must become analog at some point to make it into your head, and we have had the capability to capture analog signals since the dawn of the television age. You can crack open LCD panels and intercept signals for a more modern high tech version of this concept, of course.
But you are forgetting the other side of the equation. When when someone makes that statement - "THIS CANNOT EVER BE PIRATED" - you are throwing down the gauntlet. And invariably some bored teenager will say "oh really is that so?" and make them eat their words. Usually by the following Saturday. Yes you can do an analog capture but by the time you warm up your soldering gun some kid in the Netherlands will have already got the torrent up.
Now if you'll excuse me, I'm going to go watch a Blu-Ray movie on my Linux box.