Dude, if you are level 53, then what are you worried about loosing a few lock picks for? Lock picks are incredibly cheap and plentiful. So the chest did not have good treasure. Tough break, but it would be boring if Master lock chests ALWAYS had good loot. Maybe someone left that chest there as a decoy to distract would be thieves from the real treasure hidden elsewhere.
Yep. Maybe the owner took out the usually good stuff to, say, go adventuring ...
The owner recently sold most of their stash ...
That iron ingot and steel gauntlets have great sentimental value to them (their first "banditry" was smacking a guy in the back of the head with the ingot to get his steel gauntlets, e.g.) ...
The original owner of the chest *did* store valuable stuff in it, but he took an ingot to the back of the head ...
ad infinitum.
I too have been know to mutter profanities after breaking several picks on a master lock only to find little for the effort. But that's part of life in, in my opinion at least, any good game. If it was all smooth sailing and predictable, where's the thrill of achievement or discovery?
Speaking of which, that's why my character has invested in, and searched for, equipment enchanted to make lockpicking easier. It adds to the RP and reduces MY frustration ... win, win.