They can't cancel it if it's lost, so you KNOW there would be people saying they lost it when they've just given it to someone else. They have to stop that from happening somehow. FWIW, at
Disneyland it's a $20 charge to replace a lost AP (unlike at WDW where they do it for free). Only way around it is by hoping for pixie dust or if it was actually stolen and you bring them the police report.