Aereo's business model was almost exactly identical to how the cable industry started - capture an over-the-air signal and deliver it to customers over a landline channel.

If Aereo was in the wrong than the cable industry probably should never have existed.

Well I really take issue with the idea that IP is "other people's stuff". I might say they were giving away copies of data that the government had granted others a monopoly on. I am being intentionally pedantic because copyright is much more harmful than people give it credit for. The internet archive is desperately trying to give people free books and others are trying to stop them.

They were renting out equipment, and the equipment captured free OTA signals for the renter to view later. If they were offering a datacenter where people put their own DVR boxes, it would be unquestionably legal and ethical. It's stupid that there is a distinction.