The cost of paying the police to track down the iPhone is probably higher than the cost of a new iPhone. Should the police have gotten involved when there was no evidence of an actual crime?
I lost a smartphone in Brooklyn and the NYPD bent over backward to get it back and then asked me to fudge the date that I filed the report, which I told them I was uncomfortable doing. It was very weird. They must be able to book it as some great achievement at the station.