I'm reading reports around multiple forums that treasure chests all disappeared with the new patch. (I went looking for info on this earlier today when I was unable to get Treasure Chest VII near Dragonbridge. No satchel appeared next to the tree, as the video shows online.)
I reverted to version 1.1.21.0. First time ever that I've put Steam into offline mode.
I'm guessing then that some kind of corruption has been saved into my save game files.
If I can't get an answer here, I might revert to an earlier save and do a test run to see if the treasure chest shows up.
For anyone that has the chest visible in their game, can you please open the console and click on it to get the Form ID, then post it here.