Piracy: ꜱᴀɪʟ ᴛʜᴇ ʜɪɢʜ ꜱᴇᴀꜱ

This logic does no justice to the objective financial harm being done to the creators/owners of valuable data/content/media.

It does though, since no harm is being done.

The original creator/owner is at a loss when data is copied. The intent of that data is to be copied for profit. Now that the data has been copied against the creator/owners will, they do not receive the profit from that copy.

They also don't receive profit from not copying, unless there's a purchase made. By your logic, watching something on Netflix or listening to it on the radio is actively harmful to creators, which I think most people can admit is absurd.

but having free copies of the content available on the internet decreases the desire for people to obtain paid copies of the data.

You made this assertion, but don't really back it up. If you were correct here, being able to copy cassette tapes or burn cds would have killed the music industry decades ago. Piracy is the original grassroots promotional method.

At the very least it gives people an option not to pay for the data, which is not what the creator wanted in creating it.

That's a separate argument and doesn't relate at all to the supposed financial harm.

They are entitled to fair compensation to their work.

That's a loaded assertion. If I sing a song right now, what am I entitled to be paid for it? And you're ignoring that most of the "work" of being a musician (in most genres at least) is playing live performances, the experience of which cannot be pirated.

It is true that pirating is not directly theft, but it does definitely take away from the creator's/distributor's profit.

I don't think it's definite at all. Most of what musicians make these days is from merch and ticket sales, which piracy contributes to by bringing in new fans.