I would say in the future, the legality of horse theft may change, who knows. But right now, it is legal because the proof of who owns the horse can't be provided. Keep them safe for now and wait and see what the devs of minecraft can come up with to protect horses.

As for the morals of horse theft. Is it a good or nice thing to? No, not in my opinion, but Morals can't always line up with the law. I think these types of arguments should be put on hold to see if a solution comes.

Right now, it seems to me like these it getting kind of flamey, so I would suggest that this thread talks about horse theft with less finger pointing and more brainstorming about how to stop it.

 

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