If you copy a book in a bookstore, or leave a perfect synthetic copy of a natural diamond you take, you'll likely be charged with something. Digitally, that's much a clearer legal charge because copying is easier. So, neither is theft, but that doesn't make it lawful either.
There are valid reasons for enforcing IP rights digitally, because "all content should always be free" doesn't pay the bills when all you (can or want to) do is produce content. No existing society agrees that content producers should be subsidized, so in a society dependent on "earn for yourself", content producers shouldn't be punished.
But the punishment does exceed the severity of the "crime" by a lot, I agree.