Now onto a subjective matter. A bicycle is a highly personal item for many people. It may not involve identity theft, but for some people it involves a loss of freedom and mobility that can't be replaced easily. My current bicycle has been highly personalized for my use. Having it stolen would be like having a bit of my soul stolen.

If you don't feel the same way about your bike, I quite understand.

UPDATE:

You said that "The dude lost his right to privacy when he stole a laptop." Did you notice what you just did? You convicted someone of an offence without trying them in a court of law. If we were in a jurisdiction where murder is a capital offence, you could use exactly the same logic for lynching and hanging a man without bothering to try him. He lost his right to life when he murdered, and we know he murdered, so fetch a rope and a horse.

Now some (strawman alert) might say that the evidence is overwhelming. Well, where do we draw the line? What's the rule for "We don't need a trial?" Pictures on the Internet? Eyewitness accounts?? Confessions? All of these have been proved unreliable in the past, which is why we have trials.