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Not really.
Hackers (the good ones) have already found several ways to hack the new updated OS time and time again, but they're not releasing it because there is no good reason to do so. (no must have features etc.)
Pirated games can be played with an old OS version. Even the most recent ones that would normally need an OS update. There are also several ways to downgrade your PS3 to the point where you can install a custom firmware.

They're just not creating a new custom firmware so that PSN is safe in case of cheaters.