The people that want to steal a game.. steal a game past the copy protection. It is mostly just a major annoyance to people trying to legally use the software.
I agree with you 100%, it stops no one and just pisses off legit customers.
What I don't understand is how these other industries have not learned from the music industry. Back when CD's came out they were doing all they could to stop people from copying them, making MP3s (eventually), or recording to tape. It pissed people off. Then iTunes changed everything, with only $0.99 per song, it was reasonable and easy for people to get the music they wanted. The masses of the people purchased what they wanted, sure some people still steal, but most do not.
What the lesson here is, charge a REASONABLE amount and people will flock to you; don't always go for greatest profit per sale. Don't screw the end customer, period.
Movie industry, drop prices of movies on DVD over a year old to $4.99. New releases for $9.99. Watch sales soar! BluRay, old $9.99, new $14.99.
TV industry. TV series on DVD : $0.99 per episode for old shows, $1.49 for new. BluRay, $1.49 and $1.99 respectfully.
Gaming industry : $9.99 for old, $19.99 or $29.99 for new. A+ titles, $39.99 (Halo, WoW, etc...)
Downloadable versions should be available for ALL media.