The content is watermarked by the time it is available on HDMI. The guy who re-encoded it would get a knock on the door.
Assuming there is a watermark, how would you track them down? It's not like you need to register your hdmi capture device.
Cinema DCP packages, however, do - it's either watermarked at the DCP distributor or in the decryption module, but that stuff is out of reach for most warez crews.
But then only ~6 accounts to have >50% probability of seeing every combination of each bit and be able to combine them at random.
There's no need for that, the CENC standard has more robust watermarking support, but it's not really used in practice yet because it's not commonly supported by browsers and possibly other clients.