...because underneath, this is the story:
"I don't like this product. I will do whatever I can to make it unsuccessful to drive the creation of a product I actually want."
Let's start with the basics: ANY THING can be stolen from ANY ONE with enough subterfuge or force. That said, the scenario we've had posited is someone has to remove the watch in such a way that it does *not* passcode lock (possible, takes practice) and put it on in such away that it still thinks it was never removed.
If this is unsuccessful, the only option an interloper has now is to wipe the device, effectively protecting your personal info, something *clearly* more valuable than the device itself...and we're complaining because there isn't a "Find My Watch" (yet) for something that hasn't even been on the street for a month?
And yes, we've seen all of the amazing "street magicians" relieve the gullible and inattentive from their loosely-latched watches...and believe me, these people are targeted...but I assure you Apollo and Friends aren't getting a properly secured Watch with a decent strap off of anyone clued up:
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WWDC is in like 5 weeks. Why don't we wait before all of the hand-wringing, see if they come up with something?
-K