Actually, if your phone is rooted Cerebrus claims that it can survive a factory reset (they say you would have to flash a new ROM to get rid of it).
That said - why is there no point? Granted of stolen phones your going to have a percentage who wipe the phone. Your also going to have a percentage who do not (by the way stolen phones are actually more valuable with data intact). Even in those that do get wipe you may have some lag time before it actually happens. Just because there is a probability the phone will be wiped, wouldn't you want to maximize you chance for recovery if it doesn't though.