Few people would choose a life of crime as a hobby, or if it wasn't paying much better than an average entry-level office job, so it's not like someone decides to resort to crime and then later considers the financial aspects. Most get into it because of the quick money.
To use a hyperbolic example, if the median profit for stealing a phone would suddenly drop to $10, where their only value are the easily extractable raw materials, a 20-fold increase in theft would be less likely then a rapid drop in theft.
Currently there are avenues to remove iCloud lock, where licensed repair shops or Apple employees remove them for some extra cash [1], so the value of stolen iPhones is greater than the raw materials, making it attractive. But with higher regulation, that could change.
To use a hyperbolic example, if the median profit for stealing a phone would suddenly drop to $10, where their only value are the easily extractable raw materials, a 20-fold increase in theft would be less likely then a rapid drop in theft.
Currently there are avenues to remove iCloud lock, where licensed repair shops or Apple employees remove them for some extra cash [1], so the value of stolen iPhones is greater than the raw materials, making it attractive. But with higher regulation, that could change.
[1]: https://www.vice.com/en/article/jgmygb/checkm8-info-remove-i...