To those calling it theft, do you think that making and giving away free counterfeit brand name bags that the giver-awayer (while we're making up words...

) tells us are copies is theft? No, it's counterfeit, which is one type of copyright infringement. Nobody has a problem with the word counterfeit.
Now, if for whatever reason you feel the word piracy isn't strong enough (perhaps only because there are people out there who seem to think piracy is great), I could see my way around calling a file downloaded via someone distributing it illegally 'counterfeit.' It's halfyway accurate (in that it's an identical copy of the real thing... but it's not really designed to deceive the recipient) at least. But piracy is no more theft than making a counterfeit bag is, no matter how heinous you feel it is.
Theft is defined as:
the act of stealing; specifically : the felonious taking and removing of personal property with intent to deprive the rightful owner of it