Our car was very loud, we thought there might be a hole in the exhaust pipe. And the missing catalytic converter is indeed something like a hole. :-) And we don't use it daily, as the city I live in is very bike friendly. So our car can stand here a whole week without getting moved.
Fixing it cost us I think between 700 to 1000 EUR, and I think we were lucky at that time. Because it was one of the first of the cases in our area and we were lucky to find a used one.
https://en.wikipedia.org/wiki/Vehicle_inspection_in_the_Unit...
I would just straight pipe it if someone cut out my cats. Although, my cats have been dead for years, so I wonder if they would even get paid for them.
There is at least one case where this doesn't hold:
On a 3rd generation prius the coolant loops around the cat to warm up the engine faster, and the coolant will leak out if someone steals your cat. The engine would be destroyed pretty quickly if you run it without coolant I think.
[0] https://media.hswstatic.com/eyJidWNrZXQiOiJjb250ZW50Lmhzd3N0...