(1) Various encode/decode steps along to publishing the photo online don't corrupt EXIF data
(2) Thief isn't sophisticated to wipe/disable EXIF data. Many cameras shoot in a proprietary, higher-bit format and give you a fairly obvious wizard option on a desktop tool to include/exclude the EXIF data.
(3) Thief will use the camera, not sell it immediately into a second-hand market.
(4) Even if your camera is supported, it has to be configured to record EXIF data by both you and the thief. Some proprietary formats are fairly raw and don't always include EXIF-derivable data by default.
This will get some adoption because what other option do users have, but it will be interesting to see how many uploads convert to a lost camera being recovered/thief being apprehended. If users had the ability to leave a testimonial when there is some kind of closure, you could derive a metric of success.