I have not seen one directly targeted for theft, however I have seen somebody at Newark grab the first Oceanic bag that came down the luggage chute and head to customs without even considering that if he checked the name tag he might (and did) grab somebody else's luggage.
My wife puts our initials on our bags with fabric paint in multiple places about four inches tall. This is for our protection from someone grabbing our bags by mistake or our grabbing someone elses. I have known someone who just poured the paint on the bag to make it unattractive as well as make it identifiable at a distance. Sheila also tags our wetsuits, BC's and other gear.