So the blocked key status message is actually different than a simple re-activation message. I've had the "You may be a victim of computer piracy" message a few times simply by adding HDD's. But then the automated re-activation has always re-activated my Windows. I wasn't aware the status message would be different with blocked key. I always figured that activation would fail with blocked keys, forcing the use of another key.
Since I've never dealt with a blocked key, I have no way of verifying.
A Blocked Key will be rejected at activation with the error code 0xc004c4a2 - Blocked Key.
I've never managed to actually see the exact screen notification on a machine where an activated Key has become blocked and discovered by the WAT update - but the results of an MGADiag report are definitive (usually, at least!).