Exactly. As inflation goes up and wages remain stagnant, more and more people are doing the risk calculus that makes stealing and crime in general worthwhile.
People with good paying jobs that don't wear them down the bone don't steal things, but when you're looking at spending 90% of your pay on a shared living space, and no money left for food, or emergencies, then stealing copper, or catalytic converters all of a sudden starts looking like a valid option.
Your societal reference frame is bad and you should feel bad. Gilded age had all the punishments and stil humanity worked all things unguarded like a corrosive material. Which meant, all things public were burdened with a anti theft tax, a guy with a stick. Which is why it makes economically sense to pay a thief to sit at home and play video games, as otherwise you would need to hire him, to guard a bridge. Non surplus societies aint pretty.
Harsher punishments are not as important as reliable enforcement. Harsh punishments that are reliably enforced are very effective, but we generally can get a "good enough" result with more moderate punishments, reliably enforced.
You’d have to use some pretty extreme measures like permanent removing every thief and every person buying copper from thieves from society so they can never steal again.
Anything less isn’t going to stop it. See drugs… the death penalty for drug use is extremely effective. It’s also horrific but hasn’t stopped us before, so why should it stop us now?
Can we please stop changing things that don't need to be changed?