Definitely had my group surrender before. They made the mistake of raiding an outpost, but then camping for the night not too far off. Waking up, and finding themselves surrounded and outnumbered, they surrendered to the sell-swords they were fighting against.
Luckily for them, they had a black-scaled dragonborn who was able to breath enough acid on some of the cell bars to melt them and make their escape.
Before they left the compound though, they did have to search out for the bulk of their gear. All the liquid wealth, of money was gone.
And they ended up sneaking around even more to get the Wizard's spellbook back from a rival of his. It made for a pretty fun session, and led to some additional cool elements when they decided to escape further down into the unknown dungeons.
And I think yes. One of the big things is the loss of gear. D&D has definitely some mechanics that make certain classes less useful without the right equipment. A wizard without her spellbook is not going to be loving life, especially if she either hasn't made a backup, or there is considerable distance or danger between her and another one she has ready.
I think I was able to even get them into a mindset of surrender, due to their party's interaction with the world, and trying to reinforce that taking prisoners isn't something that is always coming with a negative experience.
Getting valuable intelligence from the captive.
Gaining leverage or material gain through exchanges or ransoms
Meeting that one peon that you caught down the road either trying his/her best to walk a different path in life, or even now in a position to help the party when in a tight spot.