Earlier quoted context omitted.
Nice bikes are $3000 - $10000. That's not something you want to leave chained to a lamp post in the street. Any lock can be picked or cut.
anda great entryway for a budding insurance startup to get customers
And it's amazing how strong a theft deterrent crap like stickers can be - it takes 5 seconds with a dremel for a bike thief to grind the serial numbers off a frame so it can't be traced, but the time it takes to scrub stickers off a frame to get it in resellable condition, divided by a cheap frame's resale value, easily works out to an even lower wage than driving for Uber.
Anecdotally, I make my bike up to look like bits are held on with duct tape (they aren't), and in 25 years I've never had a bike stolen. My theory is that thieves aren't looking close enough to figure out that it isn't actually a hoopty bike.