This would be the way to go if on the flip side any part that was not iCloud locked could be paired without hassles. Phone stolen/lost/etc? Parts unusable. Phone iCloud unlocked? Parts free for use. Of course this depends on mitigating various ways thieves can iCloud unlock stolen phones..I think the current method is snatching the phone while it's in use and iCloud unlocking it? However that doesn't make much sense since I assume you need some sort of password to do so even if the phone is physically unlocked?

The current way is forcing the owner to icloud unlock it at knifepoint. But I'm pretty sure Apple made a change recently where you have to wait a few hours and pass faceid before the unlock finishees.