Of course it's art. It's entirely debatable whether it's good art, but it's art in my book. What really defines art for me is intent. The artist did something with the intent of mentally or emotionally affecting the viewer in one way or another. That's it, at least to me.
It seems like the tired old argument of "I could do something like that" constantly gets brought up. The answer is always the same. Yes, you could have. But did you, with the intent of provoking thought or emotional reaction? Just because something doesn't require a lot of skill to do doesn't make it art. Video games are art, performance art is art, paintings are art. If you hang up a blank canvas and call it art, it's art.
It frustrates me that people constantly have this debate over what's art and what's not. It's the wrong question to ask. If you're debating about it, it's probably art. The distinction is whether it's good art. There was a performance artist that chopped off pieces of his penis until he bled to death. That's not good art. It's crazy, stupid and honestly not very thought-provoking. But that doesn't stop it from being art.
Personally, I kind of like the piece. It has multiple interpretations, both pro- and anti-piracy, and has at the very least caused some lively discussions in this thread. But that's just my opinion.
Sorry for the rant, but this issue kind of bugs me. It puts the question of quality to the side and kind of assumes that if something is considered art then it's automatically good. Just my opinion.