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Private settlements are usually around $3,000 per person, which quickly adds up with hundreds of defendants.

Let's play evil for a moment here..

Given a reasonably typical sales for a tech book (5k) and a net income of, say, $15 per unit, it could only take 25 "settlements" to nominally match a $75k revenue (let's double it to 50 to cover legal costs). So potential new business model for publishers: publish books, make it relatively easy for them to be pirated, proactively chase easy targets, settle/sue, profit?

When you are sued and do not even bother to respond, generally you can expect to lose.