Even if my fingerprint data were out there, that doesn't really help get into my phone if it's casually stolen. The thief won't know who I am, so they won't know which fingerprint to try out of the millions of possibilities. They only get five attempts.
As always, you have to define your threat model. My phone's fingerprint reader protects me against common thieves. It also protects me against the authorities to a pretty large extent. As long as I have the opportunity to turn my phone off beforehand (I always do this when going through customs, for example) then the fingerprint no longer works to unlock my phone. The ease of use that the fingerprint reader provides for most usage allows me to have a much stronger password on the device than I would have otherwise, so I'm pretty sure it's a strong net gain.
It doesn't protect me against a determined adversary who targets me specifically, but then I already knew that. Fingerprint authentication is far from perfect, but it's not meant to be anything else.