I definitely think lack of reporting is at least partially to blame. It's even become an extremely common trope for cop/law enforcement in shows to have jokes and bits that riff off how useless they are with preventing and solving property and theft/robbery crimes.

Anecdotally I had my bike stolen a few months ago and last year my car was broken into and my laptop/dashcam/wallet stolen, and didn't call the cops because as you said I know exactly how useless they are for that kind of stuff.