Stealing luggage is so rare it’s meaningless. If you are really worried about your luggage, the easiest way to steal someone’s luggage is at baggage claim and just knock the lock off after they leave the airport.
There isn’t a ring of thieves at the airport stealing your clothes.
Lost luggage and delayed luggage is a bigger concern.
The rest of the story is that my wife and I literally have everything we own - aside from our former home that’s now a rental and our “winter home” thats rented out 7 months a year - in 4 suitcases and two carryon book bags.
If we lost all four of our suitcases, it would be a nuisance. But we could rebuy everything for less than $1000.
The only time that our stuff was mishandled was when I made a mistake and put her portable mixer (Amazon - not an affiliate link https://a.co/d/iBQivv5) in my checked bag. I could see why X-rays thought it looked suspicious. They broke the power cord.
It was dumb because they thought the key would remain secret only to them, and thus provide an elegant balance of security and safety.