Catalytic Converter Theft in the U.S. Surges to 52,000 in 2021 as Precious Metals Attract Criminal Groups

These catalytic converters were introduced in the 1970s, why are they now such a hot commodity for thieves? What changed?

"Rough number of catalytic converters stolen last year, according to the National Insurance Crime Bureau, three times as many as in 2020 and a more than 10-fold increase from 2019. The high prices of precious metals used in these car-exhaust components have triggered a crime wave. The devices fetch hundreds of dollars for criminals but can cost several thousand dollars to replace, according to police."

Catalytic Converter Theft Surges as Precious Metals Attract Criminal Groups - WSJ

Is this the reason?