You may not be stealing the actual content, more so “making a copy”, but in doing that you’re taking away money the artist would have earned if you bought their album or streamed it on Spotify (admittedly that’a a very small amount for the artist but that’s another thing)
And if I stole something physical you had for sale, you wouldn’t make the money, so the end result is effectively the same.
The “if you bought their album” is the non-trivial part of that sentence. A pirate is not necessarily going to fork over $20 for an album if they couldn’t pirate. Chances are they will simply not buy the album. In either case the artist doesn’t get their $1.20 (6% to the artist the rest to the studio and distributors). So the result is really not the same because the artist and the pirate can both have the album in different ways and in both cases the artist doesn’t get their $1.20 unlike a physical good which cannot be cloned.
What this really is exposing is that most art is not worth the same. A Taylor Swift album is not worth the same on the open market as a Joe Exotic album. Pricing both at say $20 is artificial. Realistically most music has near zero actual value, hence why if you are a B tier or lower artist you won’t make much compared to an A tier artist on platforms like Spotify or YouTube which pay per listen/watch.