Bank account does have a passcode, mandatory. Steam as well. Privacy is kinda irrelevant, what's a random thief going to do with my messages or grocery list?
Good thing i have a phone that's not really marketable and thus not really tempting anyone to steal it.
But how likely is it that a phone gets stolen? Of course that might depend on a location, but locally that's an anomaly. So it's the old point of security feature itself becoming a bigger nuisance than the threat of whatever it's trying to protect me from.