You're hampering the exclusivity which the creators rely upon to sell their work to distributors, and you're also forcing them to compete against another outlet

You're hampering the exclusivity which the creators rely upon to sell their work to distributors, and you're also forcing them to compete against another outlet (bittorrents) using their own work against them. That's pretty harmful. By your logic, someone could set up a company called PBO which just mirrors HBO's cable feed, and there'd be nothing unethical about it.