I think you're wrong about the two sides. The guys with the orbital battle stations are the distribution channel. Watermarking isn't there to deter them, so their lasers don't matter.
Watermarking is a deterrent to the people who upload the content in the first place. The ones who're careless about who they'll share things with. A unique watermark (steganographic or visible) is about finding the source of the leak. In that arms-race the entertainment industry is facing people who can remove a watermark - but we have no idea whether or not they're winning. The fact that torrents exist with watermarks intact makes me think that perhaps they are.
Watermarking is a deterrent to the people who upload the content in the first place. The ones who're careless about who they'll share things with. A unique watermark (steganographic or visible) is about finding the source of the leak. In that arms-race the entertainment industry is facing people who can remove a watermark - but we have no idea whether or not they're winning. The fact that torrents exist with watermarks intact makes me think that perhaps they are.