Why is managing this through license suspension or forfeiture inadequate?
I suspect that the primary reason is because it doesn't give the same visceral sense of satisfaction to the non-riding public as seizing a $10K piece of equipment (as opposed to actually being proven more effective as a deterrent).
The non riding public is scared, otherwise they wouldn't have gone to their legislators.
I suspect that for you and I such things are a deterent. I'm going to guess, please correct me if I'm wrong, that neither of us operate motorcycles 50 mph over the speed limit on a public road, nor play "snake or follow the leader" thru the traffic on the 4 lane. A license is not required for guys with forum handles like ipassdacop and people who regularly post about running from cops. I think that this legislation is aimed at those riders. Is there a danger of this eventually restricting me, sure. You know the old saying "...they came for the Gypsys and I did nothing." right, well I do too. But sometimes your, and I use the term loosely, "peers" have to be let go.