Let's assume you keep spending the thousands you do spend per year on buying the same games, movies and music, but that you also pirate things where you feel the value does not justify the price. Who's lost out? You've got something for nothing.
There is a significant body of academic work demonstrating that much piracy has this form: it does not displace a sale. Piracy may therefore be providing a net benefit to society.
Well, the market, for one. All of your non-revenue market effects (discussion with friends, perceived usage, etc) show up as apparent success for a product that you feel is not worth buying. This can help promote purchases of that product and in turn diminish market incentive for the providers to improve on it.
Piracy does not send a clear message to content providers about your opinions of the quality of their content. If you are truly interested in having purchase-worthy content available, finding some financially appealing way of acquiring non-purchase-worthy content only hinders that goal.
There is a significant body of academic work demonstrating that much piracy has this form: it does not displace a sale. Piracy may therefore be providing a net benefit to society.