They do that in NL, google 'lokfiets'. In NL stealing a bike puts you at roughly the same level as a horse thief in the Wild West. We just don't hang them from trees. Unfortunately here too the police is often too busy with more important work to go after stolen bikes but since the really bad days (the 80's) bike theft here has definitely gone down. I still wouldn't leave a high value bike (say a newish e-bike or a nice racer) out of my sight though.