In my experience they will pull the video of the bike literally being stolen, but it simply shows someone in a hoodie and mask at night cutting the lock and walking off. There's nothing further you can do with this video.

What you need is something like being able to search all of the cameras from a wide area which contain a bike and x color hoodie so you can follow the person back to some other location that identifies them further. This is the part that's missing in most cities. It could be done manually, and it would be if it was a very serious crime like terrorism, but for normal theft it isn't worth the time. The tech does exist now though.