Yeah well
First of all, the only way anyone can 'steal' my family photos is by breaking into my house and taking the shoe box they are stored in. Someone may be able to COPY digital COPIES of such photos, but that doesn't cause me to lose them.
On the other hand, I agree most of the analogies to hyperlinking fall down. The hyperlink isn't just a pointer, it's also often the means for accessing and downloading the content, regardless of where it is hosted. So it matters if the hyperlink takes you to a page from which you may download the content. or directly to the content itself. That would seem to make a big difference in this context.