I'm not big on the police siezing property but.....
The problem has been they've revoked licenses, fined them and auctioned off the cars (ala drug dealer cars) and it still is a problem. As for running they are already doing that. These guys are killing people (if it were just them folks wouldn't care). The other problem is indeed stolen parts......they've created a huge market. One of our local track day guys had his Civic stolen by these so called street racers.......stripped the car and parts were sold and resold.
End of the day if they "loved" these cars so much they wouldn't be street racing them , they know it's waaay wrong yet they show total contempt..........if you go on a tri-state crime spree they'll crush you shiny new revolver too.................this isn't any differant.

Tom