I know people say it's more realistic for it to be random, but I tend to agree with other posters here. Lock strength should equal better loot
most of the time. That seems more realistic in most cases. If your'e loaded, you'll want the best lock you can buy to protect your stuff. I don't think this should happen 100% of the time, but I agree it should be more than it does. There's hardly a difference in loot between novice and master locked chest, for me anyway.
Also, in my opinion, the treasure chests you find via treasure maps are disappointing. We should have an even better chance of finding great loot in those.