Piracy offers: 1. Unrestricted access to an absolutely huge library of movies, music and TV shows, nearly unlimited. Certainly not limited by opaque "licensing deals" between various companies. 2. Highest resolution/bitrate/quality that was available at the time of the work's original release. 3. No arbitrary device/OS limitations. 4. Can watch/listen/download from any location on earth with sufficient bandwidth. I d…
2. Highest resolution/bitrate/quality that was available at the time of the work's original release. Arguably higher. For example, fans of Star Wars have scanned the original 1977 theatrical release with very high quality film scanners and created a 4K release complete with film grain and the original scenes intact which is not available through approved channels.
However, in the quality-focused corners of online film piracy, it's still pretty routine for people to combine the best features of every retail release available to produce something that's better than what you can get even by just going out and buying a Blu Ray. For example, maybe the best picture quality available anywhere is from a Blu Ray that was released to the German market, but a US Blu Ray release has an extra commentary track, while the best audio track is actually from an old Laserdisc release (crazy but it's happened before).
In the live action world it's pretty rare for a video track or an audio track to be spliced together from multiple sources, though it does happen. But in the anime world it's pretty common and they'll do stuff to fix picture quality issues or localize Japanese text to English on signs or whatever (and they can do it slick enough that you wouldn't even notice).
The most bizarre part of all of this, though, is that people put in all this work only for the communities themselves to be small and fiercely private, meaning it could be hard for most people to actually access the end results (though the popular stuff tends to trickle out). The best place on the Internet to download movies bar none (better than all the major streaming platforms put together) is an invite only site with under 40k members that's extremely difficult to join these days.