Less expensive yes, but more importantly much more convenient. When 'all' the shows exist on a combination of Netflix, Hulu, Prime Video, Paramount, Disney+, and Max... you can easily get to $100/mo+ if you were to subscribe to all of them. Then, if you want to watch something from an international viewership, it might not even be available in your region. In addition, you now have to figure out which service offers what program... which for certain not-current shows can be maddening (some seasons on some services, some on others, some not even available).
As GabeN has stated: piracy is a service problem, not a pricing problem.
I think the answer is that is not nearly as convenient as original service providers would claim it is. I am in US and we just went through a crazy period of everyone and their mother trying to start their own streaming service. Good portion went under, some consolidated, but the market fragmentation leading to actual content you want to see being spread across multiple services is an annoyance.
I will provide a concrete example. My buddy got into anime and was raving about one specific title so I checked Hulu for it, but Hulu, for some unfathomable reason starts that anime at season 4.. If I want to legally Stream season one, I would need to try the Sony owned anime thing, which I refuse to do for reasons not related to streaming wars. I ended up buying a dvd ( cheap and good enough quality for me ).
And pirates... have everything and, unless you are looking for newest releases, is of superior quality.
I used to run one of these. People would pay because (a) we had TV shows that literally were not available through any streaming service, (b) people wanted real downloads they could hoard.
Not the OP, but when you go down the illegal route, it is much easier to find whatever you want to watch, watch it on any device with no limitations, etc. The fragmentation and limitations of the usual big services is a nuisance.
Over here it's a fair bit less expensive because it just has everything. On normal streaming platforms dubbed shows aren't always there and because the market is small a lot of things are just not available anywhere legally
As GabeN has stated: piracy is a service problem, not a pricing problem.