I want to know whether this actually deters thieves. Anecdotally, from what I heard, it seems that phone stealing is very much still a thing in areas with active pickpocketing.
In the US I am not worried about people taking my phone even in sketchy areas. I'm sure they'd much rather have my wallet or other valuables.
And to answer the obvious repair question -- yes, parts can be rebound to other motherboards etc., they just need iPhone Activation to pass first.
[1] https://www.loveitcoverit.com/news/changing-world/mobile-pho...
That makes sense if they e.g. have a higher resale value, but only if they have a higher resale value and the thieves are choosing them on purpose as a result.
Even if they get $10 for a $1200 iPhone they are happy. And many components can still be salvaged and be worth more than that.