And it’s very hard to actually steal a cellphone since it’s always with you, whereas houses get broken into all the time.
Where I live, people still carry cash (though not absurd amounts) and credit cards, and I understand that's what most pickpockets are after. Especially since, after covid, the limit for contactless payments has increased.
I would assume its more and more the case with phones as well. ~10-15 years ago I heard often about smartphones getting stolen out of people's pockets, etc. Not so much anymore.
Non-Apple laptops is probably a different game.