Well, it's unlawful. Lets not start imposing our own moral judgements on other people about whether something is 'right' or 'wrong'. Lets call it how it is.
Thankfully, your eyes are irrelevent. The law says it isn't stealing, so as far as anything that matters is concerned, it isn't. The reason the law says that it isn't theft is because (from what I can see) the definition of theft requres deprivation of property from its owner. In the case of unlawful filesharing, there is no deprivation, because a copy is made.
And again, why is this a massive problem for society that ISPs should care about? Big compared to what? How do you measure the material loss or harm to the victim? Who is the victim?