Yes, since the majority of MorphOS users are software pirates.
According to this poll, about 80% are or at least were in the past.
http://www.amiga.org/forums/poll.php?do=showresults&pollid=28 The sad reality is it would get pirated. If nothing else some people would buy it and install it on multiple of their own computers and maybe their friends' computers locally.
Like it or not, and I am not crazy about it, the price is for a single user, single computer license. I thoroughly dislike the licensing scheme, just as I disliked Hyperion's licensing scheme in the past. Will it stop me from registering? It sure contributed when the cost of the OS was over $220(USD). With the sale and the decline of the Euro, it is a somewhat easier pill to swallow.