I'm iffy on calling it theft. Presumably, even with a VPN, they would still have to abide by the simultaneous view limitations. Provided they're accessing the content for the same market they pay for Netflix in. At that point, what is the difference between streaming the video to devices far apart, or sitting in the same room?
Before netflix, you could watch dumb videos on youtube, that’s about it. They deserve to be paid for the market they built.