My work had 10 ipads stolen that thankfully are registered in DEP and setup on Meraki. I have set these to have a very locked down profile which pretty much bricks the devices i.e. cannot use camera, bluetooth, any apps. Cannot erase the device or change any settings.
I am tempted to have a bright red wallpaper which says the device is stolen.
I'd be interested to know what others have done in the past when this has happened.