Why is it so difficult to track & recover stolen Bitcoins?

Why is it so difficult to track & recover stolen Bitcoins?

I have to admit I don't fully understand the Bitcoin protocol. But from what I do understand, transactions are traceable -- it is the main reason decentralization works: the world can watch and confirm that a transaction is legit.

Why then can't we observe when a thief tries to cash out or otherwise exchange a Bitcoin that we know to have been stolen?

As Robert Wagner writes:

1 out of every 14 Bitcoins is now stolen property, and there are plenty of laws governing stolen property.

What am I missing here? With so many Bitcoins identified as "stolen," why can't they be traced, recovered and returned to their rightful owner?

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