I agree. Most of the loot contained in locked chests is useless and a waste of space. I have decided to open only any locked doors I come across and this way lockpicking doesn't level at the expense of my major skills.
Exactly. Because of how leveling works in Skyrim, opening chests (breaking lockpicks) and increasing your Lockpicking makes you relatively *weaker*. Your level increases, and the strength of your enemies, but your fighting skills don't. So instead of being rewarding (nice loot, stronger character), it does the opposite.
As for money issues in Skyrim, I have Alchemy and the only reason I'm not a billionaire is limited merchant gold pool. It might be the same for those who have Smiting.
If you need money, Alchemy and other skills will bring you 100x more money than Lockpicking AND will increase your defense AND offense.
The only lockpicking perks I consider to be useless are the "apprentice," "novice," "adept," "expert," and "master" nodes that are REQUIRED to be able to take the GOOD perks.
There are NO good perks in Lockpicking, none of them.
1. If you want to break into peoples houses, take Pickpocketing and steal the key. Pickpocketing actually has FUN and USEFUL skills - like Poisoned and Extra Pockets.
2. If you want to open locked chests to get the loot in them don't bother. Invest into Alchemy/Smiting/Pickpocketing/whatever and you'll have as much money as merchants allow.