I think the natural thought would be that after an attempted pickoff move, the runner would get a smaller lead and be less likely to steal. I do wonder if that was true when there were unlimited disengagements? You'd think the answer is yes; however, if the pitchers pick off move is s***, then an attempted pickoff might tell that runner that he actually has more time than he thought and thus he takes a bigger lead (and perhaps is then more likely to 'go'). I guess that's where the cat and mouse game came in a bit. Pitchers wouldn't 'show' the runner their good move, in hopes that after a couple of pickoff attempts, the runner was lured into a sense of security that he could increase his leadoff length and then wam - you pick him off. Limiting disengagements certainly reduces the pitchers ability to waste attempts with secondary moves.
Under the new rules, runners are probably seeing the 'best move' more often than not and then adjusting their lead based on how much extra 'time' they had after the first pickoff - which is why we see larger leads and success rates after the 1st disengagement.
Interesting. I can see how you'd think that's not great, but I generally hate pickoffs and don't enjoy a good game of cat and mouse, so I'm cool with it. Give me more SB's please.