I was thinking of someone hacking a capture device that sniffs the output matrix of a display in order to capture the video and has a line-in plugged into the drivers on the speaker. Way out of reach of most people, but only a very small number of people need to be have the wherewithal to do it to keep the pirate scene going, especially if they live in countries that don't care about your DRM laws. The analog hole exists so long as people don't have DRM directly implanted into their eyeballs.
As I understand it, that's common now - cheap HDMI splitters do the HDCP negotiation on the first port, and then the unencrypted digital video and audio signals are cloned to both ports, ready to be captured.
Oh yeah, I had to buy one of these (I called it the HDCP defeater) because my receiver was otherwise unable to forward the negotiation between the Roku and the TV fast enough. I would turn on the TV and the screen would blink on and off for several minutes before the HDCP handshake managed to win the race. In theory those devices might be defeated with newer versions of the protocol, but that part that drives the matrix of pixels can never be encrypted until you have DRM built directly into your eyeballs.
