The difference is of course that wars are less and less profitable. In the 16th century a leading nation like England could engage in the noble business of piracy and got the better out of it. Nowadays you need a stateless shithole like Somalia to reasonably expect profit from it.
That and a general cultural/international revulsion towards it. The United States could quite easily flatten Cuba and move in if it wanted, but the fallout simply isn't worth it.