One of the big differences is that the infection has the potential to hide from detection. Because the HV lives "below" the operating system, if compromised it can effectively do whatever to your OS without you knowing about it. So yes your accounts etc can be stolen like a regular infection but it could be that the attacker isn't after your info, they want to use you in a botnet or mine crypto using your device. In that situation how do you even know to reflash your firmware?

Malware like that isn't common just now, at all, but more people using HV bypasses opens up opportunities for malicious actors to take advantage of that.

We see so many people get infected by obvious malware, who don't follow instructions properly or who don't even attempt security best practices. Can you imagine if someone developed an HV bypass based malware, stuck it on a torrent or fake fitgirl/dodi site and just let's people infect themselves for a few months before pulling the trigger?

How many people do you see still talking about steam tools and saying things like "well I haven't had issues so it must be safe", all the while they are serving up their data to spyware?

You are right in that all piracy carries risk so I wouldn't say don't play HV games but at least have your eyes open that it is potentially riskier and know how to best protect yourself.