Doesn't this defeat the purpose of the activation lock? If I steal a device and sell it on eBay I still make my profit. In the general case if you have a locked

Doesn't this defeat the purpose of the activation lock? If I steal a device and sell it on eBay I still make my profit. In the general case if you have a locked device could you just "launder" it through eBay for the price of the commission they take?