IMO, this isn't Libertarianism because Libertarians believe in property ownership and government enforcement of that ownership. If the Somali's parceled out the seas to individual owners and then granted the owners full authority to defend their plots along with gov't backup of such actions, that would be a libertarian solution. There are differences between libertarianism and anarchism.
As to whether it is better than a gov't monopoly -- depends on the government and on the pirates. Many governments are corrupt enough that officials may need to be bribed to ensure citizen safety. Or they simply outlaw certain activities to people who don't buy the proper licenses, etc.
It looks from the article that the "pirates" started off performing legitimate self-policing activities but were corrupted by success. Reminds me of quote - "Liberty creates wealth and wealth destroys liberty."
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