True... I admit it, driving on public roads
is a risk. With the already high costs of alloy wheels and high end tires, locking lug nuts have been a normal accoutrement on cars for over 25 years. Wheel-motors would certainly add to the road-going expense, but I think the lug-locks would sufficiently secure wheel-motors (for which there could eventually be a black market). Also, there's only so much I'm willing to do to safeguard my insurance company. If someone wants part of my car badly enough, they'll take the whole thing on a flatbed somewhere and harvest it in peace (in piece?

) with a torch.
That all said, putting motors into the hubs would be my first choice anyway. The major advantage of the wheel-motors is the ease of replacement, but I think AC or brushless DC motors are pretty reliable and shouldn't need replacement much more often than a wheel bearing.
If an EV used regen braking well enough on all 4 wheels, they could conceivably use a modified brake rotor as the basis for a motor. In order to provide brake redundancy (for emergency use only), you could still have drum brakes within the 'hat' portion of the rotors. The vast majority of the time, the braking action of the motors would prevent the smaller drums from overheating and fading (see the
QED Mini project they even put the inverter electronics in the wheels with only small unsprung weight gain).