You asserted “this only exists to pad the bottom line”, and I’m refuting that by giving a reason the feature provides value to me.
“Stolen mode” isn’t really a thing with Activation Lock; Apple correctly assumes that the average victim of theft isn’t alert enough to flip some switches in iCloud.
Thieves know that iPhones are useless - now even more so - in their default state, and can only be removed from that state with deliberate action from the legitimate owner.
That has real life value, and so your accusation that it “only exists to pad the bottom line” is wrong.