Eh, if the physical security isn't good enough you'll have laptops going missing whether they're encrypted or not. There's a lot more opportunist thieves who'll snatch a laptop than there are industrial espionage spies rappelling down your elevator shaft or whatever.

The real reason for the policy is so when some dumbass sends a dick pic from their work computer and gets fired for it, they can't claim "it wasn't me" and expect to keep their job.