Yeah. A bike that is chained to a pole, rusty and key parts missing might still be wanted. I saw some guy cussing out because he'd chained his bike up a few hours ago and someone had just nicked his wheels. He thought being in the CBD it was safe.
At least he got the rest of his frame back. Had anyone assumed it was an abandoned bike and felt free to the rest, he would have got nothing.
Like someone else said, my city hold twice a year auctions for bikes abandoned, lost, or seized with the owner never found by both police and state transit. A mate of mine bought them in bulk, repaired them and sold them on ebay when he was unemployed for 6 months. It was something like $150 for 10 bikes. In some lots, a single bike would have sold for that with nothing more than a wipe down and a new chain.