Compared to other crimes... this isn't such a bad one. Note that:
A) The loss is your time,
B) Your bank/credit company absorbs and amortizes the money stolen (only perusing it further if it makes sense financially),
C) Apart from your time (A) no property was destroyed or lost.
Compare this to a burglar who turns your home upside down, makes it impossible to assess what was lost, and then think that this burglar sells your MacBook for 10% of the asking price... Lost of property destroyed and lots of value is lost in such a crime. Not to mention psychological stress of someone invading your private home.
Or compare to a spammer, just think how many man-hours (distributed over many people) a typical spammer destroys, spamming is an extremely destructive crime (And lots of "legit" companies still send spam in one form or another).
I'm not saying identity theft is a nice crime, there are certainly bad examples of people building up a lot of debt and rather than just using a few fake checks and credit card purchases.
IMO, large part of the problem here is also companies willingness to let you take up debt without proper proof of identity. And companies fighting back aggressive and sending you to collection when you refuse to talked to them because you declare it fraud.
Note, I'm not saying fraud shouldn't be investigated, and that there aren't extreme cases that warrant a lot of investigative resources. But in many cases, such as simple credit card fraud, this is one of the least destructive crimes.