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Many years ago, the supreme court ruled that private citizens were allowed to use a recorder to tape TV for personal use. https://en.wikipedia.org/wiki/Sony_Corp._of_America_v._Universal_City_Studios,_Inc.
This is not that different ethically. You're basically just watching something you already had access to at a later time.
The person distributing the content is different though. They're diminishing the potential value of the copyright. Even if the owner is not monitizing on it right now, it occasionally happens that an otherwise dead series gets a revival which could give the original content a renewed value. That would be destroyed by someone distributing it for free.
I guess we could argue about the ethics of that happening, and whether the copyright actually looses or gains any value from having old content freely distributed, but that's a whole different topic.