You are technically correct. The stupid thing about DRM is that the player has to download the decryption keys into the RAM of the player. All these players do is try to obfuscate the keys so they can't be accessed very easily. When you see these proper rips out there they are being done by groups who extracted a decryption key from the player and used that to unencrypt the stream.
DRM is dumb. I used to work on DRM. It was dumb then, it's dumb now.
DRM is dumb. I used to work on DRM. It was dumb then, it's dumb now.