It exists but I don't think it's as bad as previous consoles. Several things could be at work. 1) The anti-piracy systems in the consoles are more advanced; go

It exists but I don't think it's as bad as previous consoles. Several things could be at work. 1) The anti-piracy systems in the consoles are more advanced; got cracked later than before. 2) Online is more prevalent and it's much harder to play online with a pirated copy; getting your online account banned for piracy is punishing due to trophies/gamerscore. This is definitely the way that the games industry is heading, with a really strong push towards adding online value, DLC and IAP to even single-player games. 3) Games are usually not region locked and worldwide releases are more common: one of the major reasons to chip a console was to play import games, which would then allow you to play all those cheap knock-offs.