No, they cannot use a stolen Wyze Cam Outdoor.
The Wyze Cam Outdoor binds to the Wyze Base Station; you can't have one without the other. This means that the Wyze account owner would have to delete both the camera and the base station from their account before it can be set up on a different account. And no, it cannot be factory reset.
Both of these devices are connected to your Wyze account. If anyone tries to set them up on a different account, you'll receive an email notification letting you know.
Note: If your camera is stolen, do not delete it from your Wyze account. To receive the notification, it needs to remain attached to your account.