Gabe Newell really nailed it there. I buy tons of games on Steam. I also used to subscribe to Netflix and rent movies from Google. But now Netflix has junk and I need to subscribe to 10 services and they occasionally deleted my partner's downloaded shows while traveling because they couldn't validate the license. I can't even play HD videos from any legal retailer on any of my devices other than a Chromecast as they aren't under the media lobby's control.
But say I was to download a movie from a torrent site. It would probably be a higher quality than streaming services would give me, I can play it offline with no concerns about license expiry and it will still be 4k on every device I choose to watch on. I could also take a screenshot and share to my friend (which may cause them to purchase that content!). It's basically all upsides. Maybe slightly more difficult to find the content than something like Google Play rentals, but really not much and the tradeoff is the greater choice of content available.
It is reductive to say that piracy is just a service problem. There are lots of people who will try to save the money. But a lot of those people wouldn't spend much if any money either way. They would just skip most content, or watch with friends or similar. There is a huge group of people (myself included) that would happily pay a significant amount for content if they provided a good experience. But they are too busy failing to stop piracy to bother giving a good experience.