Well, here's the thing, why would there be tons of great stuff in there from a logical standpoint?
Just cause a chest has a great lock doesn't mean that the owner of the chest had anything of value to put in it.
From a logical standpoint, why can i single handedly take out an entire city of guards, defeat umpteen dragons on my own, shoot lightening bolts from my finger tips, summon creatures, instantly heal a life threatening injury and the best part, why do vendors in a city that's located across an entire continent or land mass know my fork is stolen? In fact, how would a shop keeper in the same city know i stole this from a house in said city?
No point applying logic to the game, otherwise we'd be here all day picking holes.