I think piracy is theft. It's not the content that's being stolen, it's the forgone revenue that is being stolen.
There is no forgone revenue when you can not buy the content because of the geo-locking.
I certainly am no fan of the current copyright enforcement regime, but I do think that content creators and owners should be able to control the terms by which their works can be obtained.
The moment a (copyrighted) work gets published it can be copied (in the worst case you could mount a camera in front of the TV screen) and, hence, the only way to make sure that content creators and owners have complete control over how their works are distributed is to impose a surveillance system on the viewers, welcome to 1984.
The market will sort out those who over-charge, but piracy distorts the market and hurts all content-creators.
Also wrong, on one hand the marked can do nothing about over-charge, if exclusive deals are made, on the other hand "piracy" can also work as advertising, for instance Metallica as a band became famous because there fans were copying and distributing there tapes (oh the irony). In that "piracy" indeed may distort the market, but it doesn't hurt the content creators.