If a thief steals a TV and leaves it in your garage, that doesn't make it yours. Legally and morally, it still belongs to the original owner.
Nice strawman. How about if the original owner puts it in your garage?
it doesn't make sense in the larger context of how we as a society can fairly reward content producers whose works are distributed through electro-magnetic radiation.
It makes perfect sense to those of us who feel that receiving the content for free is a better value. They picked their business plan, and they should have to deal with the economics of it rather than be propped up by government.