Piracy is inevitable, but in this case their model is much more robust that I would have predicted.
But it seems that more and more releases are straight-to-streaming, and/or sometimes simultaneous with the theatrical release. High-quality pirated copies often show up within a day of a streaming release. Sure, many are still theater-only for a week or more after initial release.
I get that a big part of their business model for some titles relies on theater ticket sales within the first days or at most weeks after release, but all this DRM just feels like an exhausting, expensive, ultimately-losing game for them. Especially when we consider how theater-going has declined over time, especially recently.
If anything, it's less and less. Studios are pulling the PVOD date further and further out for successful titles generally (Universal excepted). All the talk from Cinemacon was going back to a 60 day+ exclusive theatrical window.