A thing brought up in this thread is "piracy is illegal, therefore you shouldn't do it" which is an iffy argument at best. For example, it's illegal in the state of Connecticut to hum a tune while cutting someone's hair, but I don't think anyone would seriously argue that's an unethical thing to do.
Things get (de)criminalized all the time, they don't become magically OK / bad to do after that.
Now, as for the ethics of piracy itself.
I do think that buying the game is ideal, specially if the game is made by small indie devs who need the support - those I'm really not in favor of pirating - but, specially in third world countries, that's not always possible.
As a quick example, a quick look at Nintendo's website shows that a Switch Lite sells for 200 dollars. In my country, a Switch Lite is selling for the equivalent price of 442 dollars. In a country with a lower standard of living.
Back when the 3DS was the latest console for Pokémon, I bought Pokémon X, Alpha Sapphire and Pokémon Sun. They were bought for about 46 2020-dollars, if we consider purchase-day-dollars that price would increase to 101 dollars for X (which I bought a launch day). I don't remember when I bought Alpha Sapphire and Sun per se but the price was probably around 69 dollars.
The point is, games can be ridiculously expensive and entertainment is a human need. I understand why people pirate, and I wish they could pay for the games but that isn't always the case.
And even then, pirating can end up as net win for the company - if I never pirated RSE, I never would have bought two Nintendo handhelds, three Pokémon games, and an assorted gaggle of other games for these handhelds.
Older games - the ones that can easily be emulated - are often entry points to the series for a lot of people in poorer situations, and can make lifelong fans. It can also lead people to lifelong hobbies - a lot of people in this very forum only started to do digital art, writing, or programming because of rom hacking, which is done primarily via piracy.
Finally, while it's not my case in particular, I have friends that use piracy as a way to test the game when there isn't a demo available - or they think the demo wasn't enough to see if they'd like the game or not. If they like the game enough, they pay for it later. So there's also that, piracy as a way to allow consumers to make informed decisions instead of falling for marketing.