You are using a console that has their content on it, and you are playing their content without paying for it. That is theft.
Honestly, if a single person has two accounts there must be another reason why they can't just use a single account. There is no good reason for one person to use two accounts unless there is something duplicitous going on.
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For starters it's called privacy... Secondly I haven't stolen anything. I haven't copied anything or done anything wrong. If you want to go out and buy 2 copies of the EXACT same thing then go ahead... But I'm not a rich person so I can't afford that and I know that there are a lot of people just like me.
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What exactly could you be hiding...from yourself? That's your right as a consumer and theirs as well.. I suggest you exercise it.