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.
(stream rips do often does look like dog shit, though—I find sub-10GB 1080p blu-ray downscales [to get the HDR from the 4k blu ray, but lower res and storage space] usually look better than raw 4K streaming rips)