Yes, it's theft under color of law;

sometimes more blatantly so than others.
An assistant district attorney in the state of Oklahoma lived rent-free in a house confiscated by local law enforcement under the practice of asset forfeiture.
...
Another district attorney used $5,000 worth of confiscated funds to pay back his student loans.
...
Regarding use of the property or money after seizure, audits of district attorney's accounts by the State Auditor and Inspector's Office have found the assets in a number of cases were misused or not accounted for.
Yes, someone's trying to do something about it; and the usual suspects are squealing.
State Sen. Kyle Loveless, a Republican, has sponsored a bill to make these practices less common. He would prohibit asset forfeiture unless a suspect was actually convicted of a crime, and stipulate that the money go to the state’s general fund.
But
Law enforcement officials counter that forfeiture is necessary to combat drug trafficking and say that abuses are rare. They say Loveless is hyping the issue and using scare tactics to push his bill.
Sonsabitches want to be able to continue to steal property, including money, without even having to prove there was a crime committed, because "Doing Good Things!"  And if you have a problem with it, you're 'hyping the issue'.

Screw you; stop violating the 4th Amendment(and acting like dicks) for profit and you won't have to worry about being called on it.