Theft is too strong a word, because nothing is taken away from the company who makes the product. The moral imperative here doesn't come from actual harm to an individual, it comes from the notion that someone should be rewarded for their hard work if others benefit from it. Which is much weaker. If someone copies something they would never have paid for otherwise, then there is very little harm done indeed.

Don't get me wrong, I like the notion that it is morally right for people to be rewarded for their hard work if it benefits others. However, if we're going to enforce it, shouldn't we start by trying to stop the exploitation of poor people before we go all nuts over sob stories from software giants, record companies and movie studios?