In general, bike theft is a minor nuisance to the criminal justice system and not given any real attention. 99% of victims receive no real justice or restitution, even when an arrest is made. Jail time for such petty offenses is rare.

If some people put out a decoy bike in a high theft area then waited to ambush anyone cutting the lock and kicking their ass, I really wouldn't have a problem with it. There's something to be said for corporal punishment!