I did watch the LTT’s video here* and this entire thing boils down to:
[12:00] For those who are concerned about the damage that piracy does to game developers, you can rest easy known that we didn’t download any ROMs or firmware from the internet and we didn’t circumvent any protections. We got the games and keys to decrypt them fair and square from our own device using its own firmware recovery mode.
That matters legally even if it is a little less clear cut than the AACS decryption keys leak back in the day.
If you didn’t know, laws were passed to prohibit you from doing anything you want to a thing you own thought you owned (DMCA). Yes, the copyright traders pushed the legal boundaries once again to legally reduce your rights (DMCA anti-circumvention provision). So the mere presence of Denuvo on the scene will make it de jure illegal in some countries where their lobby efforts had good budgets.
* I have the video archived, ask if it goes away.