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Just because TPB has legal justification to provide the service to index locations of content, doesn't mean they are doing it the proper way.
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Kevin, actually this goes one step further: If TPB linked to, say, amazon or netflix or microsoft's online store so people could buy the products rather than linking to pirated copies of the same, exactly how popular would their site be? One of the most interesting legal issues about torrent index sites is that they may claim that what they do is legal, but in reality they are popular only because they aid and abet the distribution of stolen material. If they linked to legal sources for the material, they would have no traffic.
Thus, the process of linking to stolen material and selling ads on their site constitutes a form of profiting from stolen material. If they weren't aware of stolen material or agressively removed links (and complete trackers) that was filled with stolen material, they might be in the clear. But their "fuck you" attitude shows that they are very aware that the material is pirated, and that they have no intention of changing.
Their business model is entirely dependant on the stolen content. Without it, they are nothing.