Curious that such a question could elicit a long thread. OK maybe not.
I find the time at the baggage carousel to be low productivity time. You don't know how long it will be though hopefully not too long. Often standing among lots of people. When luggage comes out you are looking at the bags. It is not pleasant and far from comparing to time at a Starbucks or equivalent. It is mostly a write-off and to be avoided.
I've never lost a checked bag though maybe 20 times in my lifetime the bag did not arrive on my flight and was later delivered by a courier I think always within 24 hours.
I've lost a couple of things in checked bag though nothing too valuable though once a gift item ($10 value) was missing in the checked bag.
My clothes tends to be expensive (e.g., a suit costs about $2000) so while it would have little resale/market value (not much of a target for stealing) it is highly valuable to me. Losing it would be painful and not an item that you can just pick up at the mall at the last minute.