I consulted for a company once that made very expensive field equipment that was ruggedized and placed in locations that were often difficult to supervise. Their customers would often lose devices that were stolen, the $10,000 guts dumped out, and the metal housing used as a pot.
Physical security is about making things more time-consuming/expensive to defeat or steal than they're worth. Scale the amount of concrete poured on/around and lock devices/armoring of such devices per local economics.
Definitely a good idea, but these were devices that were, by their nature, mobile. They had to be dropped for a couple weeks at most, then recovered and dropped again in a different location. Physical security would be a guy with a rifle and binoculars.
More or less the same story with a water vending machine.
The more rugged the machine was, the more did it cost when it was vandalised. It makes no sense to make a $10000 ATM if it will get vandalised, and broken anyways.
