The Dutch approach in cities has been to drive something old and or cheap that you can afford to get stolen. It works because the country is pretty flat so you don’t need a fancy light bike with many gears. Paris is pretty flat too.
Lately subscription services like swapfiets have become popular that include maintenance and theft insurance. Through economies of scale, I think it’s competitive with ownership especially for city dwellers without a garage with tools.
I now live in a city with more hills, so I needed a bit more capable bike–I bought a cheap second hand bike with 21 gears. I put some permanantly attached bags on the back which are practical and make the bike look less desireable. I use an axa lock attached to the frame and a separate chain. From day one I accepted it would get stolen at some point—so I feel like I’ve been on a six year lucky streak.
Defeatist? Sure! But I bike without worries.