The loophole people aren't the problem (live in a different country, etc.). It's those who simply don't care enough about legality or the industry they are interested in to buy their comics.
Comic companies do fine financially. But when you see a marginally successful title cancelled, or if you try to break into the industry on any level and find it impossible, it's those sorts of fringe consequences that downloading creates.
I'd love to be able to show DL'ers just what they do, by stealing stuff of their that is valuble to them or took a lot of time. It never really seems to have moral consequences for some until they are immediately affected by it.