I password protect every radio active on our system that is county owned property. While selective inhibit is the first line of defense for lost/stolen/misplaced radios, the password protection is to protect the integrity of the programming from unauthorized persons from making changes, or using a stolen/lost/misplaced radio on another system. Yes, it is not foolproof, but we keep firmware up to date when radios come in for PM checks and retouches.
Recently had a radio lost, picked up by a third party who took it to a pawn shop. Pawn shop ended up selling it on Ebay. Pawn shop wasn't aware radio was lost until the user reported it.
Warrant issued for the one who pawned it for felony theft of lost/mislaid property. Owner contacted by the agency and they returned the stolen radio to agency, who then discovered new owner had programmed or had the radio programmed on other system(s) in another part of the country, so the password read/write protection was obviously circumvented. But it will keep a legitimate shop out as they know, or should know, that a current radio (like an APX6000) with agency markings/tags and current programming is most likely missing/lost/stolen property and not surplus and should at least first reach out to that agency/owner to see if they know it's missing.
any radio we surplus, we clear of all programming and passwords.