Virtually all popular streaming services implement a level of Digital Rights Management (DRM) to protect their content. Whether it's as pervasive as Widevine, or as simple as adding AES-128 to HLS playlists, DRM is seen throughout the industry (including the OTA TV space). However, there's an inherent problem with all DRM solutions in the streaming space: content must be decoded client-side. This has led to a cat and mouse game between content providers and pirates - a game that will never end.
Google's Widevine DRM platform is about as pesky as they come, however this doesn't stop pirates from re-distributing this content on popular torrent sites. But how? The simplest method is via a bypass of High-Bandwidth Digital Copy Protection (HDCP) - another link in the full DRM chain. HDCP is intended to prevent users from copying content played over common display connections (HDMI, DVI, DP, etc.), however HDCP has seen a number of issues throughout the years.
Nearly all of HDCP's iterations have faced significant security problems, limiting its effectiveness. In its current state of 2.3 (which is also backward compatible with 2.2), recording content from an HDMI signal is as simple as purchasing a ~$20 HDMI splitter that strips HDCP, then connecting the output to a capture card for recording. While this isn't as efficient as downloading the content directly, modern compression algorithms (e.g. HEVC), have made this process much less expensive as it relates to file size, while also providing a high-quality end result, including 4K content.
So what does HDCP have to do with Widevine or encrypted HLS playlists? The main point is that your DRM implementation is only as strong as its weakest link. At some point, some level of trust is offloaded - whether it's HDCP or the physical device used to stream the content. Due to the simple nature of how videos must be played, decrypted, and decoded client-side, the "game" will likely never be won by content providers.