first let me preface this…not an employee here, but I’m hoping maven ( or even moderator) input might suffice as Gwendolyn has been extremely busy as of late, although your tag will still be seen and more than likely replied too still ( eventually)
unless something has greatly changed in the very recent history you @Known1 are both correct and incorrect on different factors. lets start with the correct part,
each camera does have the unique mac address and is effectively “traceable” although in the past is has not been something Wyze has put into practice…YET…( a little cliff hanger for later in my diabtribe 
)
now the incorrect part,
the camera is not “locked” to an account and can therefore be re-activated if it were to be stolen. at the point it is reactivated as @K6CCC experienced, you lose your access to what that camera “had” such as cloud clips. this is a reason that if you ever have a camera stolen, as soon as possible download all relevant clips you can because as soon/if it is reactivated under a different account you lose them all.
one of our wonderful moderators @loki was kind enough to make a Wishlist topic for such an “issue” and it is currently marked as researching. to my knowledge, it has not been put into practice yet though.
lock camera to account wishlist topic
I would suggest popping over and throwing your vote in 
hopefully that gives some small insight to the current setup and thank you both as I hadn’t visited that wishlist topic in quite some time ( it is a couple years old now) and I was unaware it was finally in the researching phase.