It was definitely considered piracy by the public at the time. Everyone I knew called it a "legal grey area", but as far as I know it was legally permissable.
The media companies tried their hardest to make it sound like you were destroying the entire industry and you'd go to jail for life as soon as they caught you.
What makes me mad is the boomers I watched copy rentals and NFL games are the same ones telling me I'm stealing by using an ad blocker.