Lack of product awareness among consumers is far more of a suppressing force to profits than converting every last bit of interest in your product to monetary value is a boost to profits.
This is likely less true for certain AAA titles, but on the whole, most people who buy things are busy and not avidly following any one brand in particularly. Fanboys (despite their clamor) are rarer than casual purchasers for most everything. In an absolute sense, there may be "lost sales" due to piracy, but that comparison misses any potential additional sales due to piracy helping to spread awareness of a product.
This is likely less true for certain AAA titles, but on the whole, most people who buy things are busy and not avidly following any one brand in particularly. Fanboys (despite their clamor) are rarer than casual purchasers for most everything. In an absolute sense, there may be "lost sales" due to piracy, but that comparison misses any potential additional sales due to piracy helping to spread awareness of a product.