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It's easy to say "piracy went down, so that alone is a good thing," but that ignores the cost of laws like this. Increased regulatory burdens, burdens on citizenry that need to defend against false positives, etc. If the law results in no benefit, only burdens, it should be reconsidered.
That said though, I think there are other economic factors at play here that muddy the water a bit. Also, it's not clear what they mean when they say "piracy" was reduced; is it obvious that all forms of piracy went down, or did people just shift to encrypting their torrent traffic, using proxies or using digital lockers? The data needs more analysis to really draw any interesting conclusions.
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