In a society where bike use is much more common, the risk to have a bike stolen is diminished by diffusing it among a higher number of bike users. Also, bike locks are a thing. Larger train stations also sometimes have dedicated bike storage facilities with CCTV and security personnel, which makes that threat even less likely. Also, bike insurances are a thing and they don't cost that much. Certainly much much less than the cost for a car insurance. (And that's before you take into account all the externalities of cars that are not correctly priced into their ownership.)
Bike locks are generally irrelevant. If people can't steal the entire bike (which they usually can despite the lock) they can take off most of the parts - the tires, saddle, handlebars etc (whatever you have not wrapped in a lock).
Pretty much all locks are like that: Some determined folks will take a work-around or take what they can. But they also do what a lock is supposed to do: they deter crimes of opportunity. You bike is no longer as easy to steal as the unlocked bike.
