And let's not kid ourselves, the copyright holders are not stupid. They are very well aware that this is a problem, maybe not the reason, but at least a problem. Yet they keep up with these practices, throwing millions at copyright organizations such as MPAA & RIAA every year to build up some form of scare tactic against normal, law abiding citizens across the globe and creating lots of unnecessary tension between ISPs, governments and enterprises like Google instead of addressing the problem at hand.
There are of course edge cases where I think torrenting copyrighted content is OK. For example, my PC doesn't have a CD reader and I bought the game "The Elder Scrolls IV: Oblivion" years ago, still have the CD but no way to install the game on my PC, so... I torrented it.
On the other hand, however, I don't see how this frustration can serve as a justification for copyright infringement. This seems to flow from one of two premises: 1. the studios made it, therefore I have a right to watch and enjoy it or 2. the studios have made something available to some people, therefore I have a right to see it too. And I don't see how either is even arguably true from either a moral or legal perspective. After all, we're talking about movies and TV shows here, not food and water. (It would be different, of course, if the studios were targeting traditionally disadvantaged minority groups. But I don't think there's any credible argument that there is something akin to, e.g., racial discrimination going on here.)