To be clear, there is a difference between bootlegs and pirates (aka counterfeits):
Counterfeits are designed to mimic an official release. They are an attempt at an exact copy, with the intention of having the purchaser think they are getting the real deal.
Bootlegs do not attempt to mimic official releases. They may be done up to look "legit," in so far that they don't look amateurish, stand a better chance of not getting picked off in the bins (my story mentioned earlier), and serve as something of a "Trademark Of Quality" (as an aside, the name of one of the more prolific bootleg labels from the days of old...).
With the advent of affordable digital recording, pirating of official releases (counterfeits) and bootlegs (yes, there is a well established... track record of bootlegs being pirated) is a lot more common than in the LP era.
About 95% of the product they seize are actually bootlegs. About 95% of the economic damages claimed by the RIAA are actually from counterfeits. That dichotomy represents a problem for the RIAA, which is why they conflate the two. Otherwise, they would be shown for the tool bags they are.
The only reason bootleggers still have traction today is because the people running the major labels are both lazy and stupid. They've had opportunities to fix the problem as far back as the 1980s. Piracy is straight up theft, and that's always going to be a problem.
Interesting. I've never heard of a pirate record. News to me. Thanks Mike!