Have you had one stolen from one of your cars?
I have, the pipe was sawzalled six inches in front of the converter and the entire exhaust pipe including the converter was taken, ready to immediately splice into another Prius.
Also, targeted cars would be random if you are correct. This is not the case.
The common consensus seems to be that the Prius, 4Runner, Tacoma, Honda Element, and the Accord are the most targeted cars. By far.
Ask yourself how converters generate 300,000 in cash in a State where junkyards are watched like hawks to prohibit buying catalytic converters.
What’s the business model there?
Some Chinese guy in a trenchcoat gonna ship 2,000 converters to China? And outbid the local chop shops who can sell the converters for $400+ bucks a pop.
Give me a break.
Estimate may be high, but these things are getting stolen.
https://www.autozone.com/diy/exhaust/catalytic-converter-theft