The zipper straps looks like it would only work to keep the thief from closing your bag after rifling it. You could be that person who has socks and underwear spilling out on the conveyor belt. Also, I don't see anything that keeps the thief from cutting the strap and then rifling. Personally, a strap like that would help me target which bag was most likely to have something valuable in it.

I've seen people flying to and from Latin American countries wrap their checked bags with shrink wrap. That only works if TSA doesn't open your bag, but can help deter a thief.

Of course, easiest of all is carry valuables in your carry-on and only check stuff you wouldn't miss if it was stolen. I doubt that the luggage handlers really want your worn sneakers and T shirts. Choose an anonymous and inexpensive checked bag and thieves are a lot less likely to target it.