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We're not talking about what holds power in a court, we're talking about functional reality.
What you can get away with on a technicality in court is irrelevant to whether or not it's piracy.
By a legal definition, no, ad blocking is probably not piracy. I'm no lawyer but I would wager that Piracy is probably more strictly defined than that. My point though is that it is functionally the exact same thing as piracy.
Ad supported content is distributed based on the advertising income paying for the distribution. If you are blocking that advertising in a way that prevents compensation to the content creator you are consuming that content without the creator getting paid the price that they set for the content.