Yeah, Lockpicking would be a lot more interestting (or difficult, at least) if you had to have a minimal level of it, and a necessary investment in lockpicking perks, in order to open the harder locks. Of course, having decent loot that's worth a crap in them wouldn't hurt in the motivational department, either. But there currently is absolutely nothing in any of them worth any wasted perk investments.
I'd grown used to the lockpicking system in the Fallout games, which made lockpicking in Skyrim quick and easy to master, to the point of where I can fairly easily pick master locks even at level 5, with no investment in any lockpicking perks. You buy every pick you see, and break some opening the harder chests, but you always get them open, with a bit of try. If i felt at all interested in the lockpicking minigame, I could get a mod that makes it more difficult, or whatever. But frankly, I find the whole lockpicking skit dreadfully boring, whether it be easy or difficult to accomplish. So after hundreds of hours played and thousands of locks picked the regular way, I just went and got this great mod: http://skyrim.nexusmods.com/downloads/file.php?id=219 from Nexxus. Amusingly, I find opening locks with it to be more entertaining than the 'normal' way. Just a handy tool to get that annoying and repetetive chore out of the way as quickly as possible, so you can get on with doing actually interesting things.