point still stands, tagline is inherently flawed. just because it isn't something physical doesn't mean the company doesn't lose something - in the case of games, they lose a potential customer. the details of whether it is strictly "ownership or not" is irrelevant to whether or not piracy is stealing (it is).
see cadence design systems vs avanti corp for an example of non-physical theft resulting in a multi-million dollar lawsuit.
how serious piracy is is a different question - i'd argue its similar to shoplifting from a supermarket (whatever if its from an international megacorp, a lot worse if its your next door friendly grandma, i.e, indie studios).
doesn't change the fact its inherently unethical and therefore the "piracy isn't theft" tagline is a shit take.