A thief like that doesn't steal just one package. Multiple thefts like that can easily add up to a felony amount. This is why the theft still should be reported. The cops won't look for that package specifically, but they could bust that thief for something else.
Our package got nabbed, a person noticed the empty box tossed on a nearby street and called the cops. Cops got video from a near by house an image of a unique car; month later they saw the car, arrested him.
He paid for the package and got community service.