[bobthepanda]

That would imply that the people doing the stealing are thinking rationally and trying to maximize outcomes.

I've been in areas with large drug problems, and people steal weird things (and avoid stealing less weird things) all the time.

Also, generally speaking the more valuable things are the riskier they are. It's a lot easier to pawn some random bike helmet, but bikes have registration numbers, and you may need to enlist the help of a chop shop that's in on what you're doing.