The bag will probably be on or near the carousel for the immediate few hours at least. After a while, the staff will probably run the name and tag through the system to see if you actually arrived, got rerouted, etc.

If your PNR shows that you did arrive, they will check to see if you filed a missing bag report. If there is none, the arrival airport is supposed to keep the bags on hand at their station for 5 days if there is no other station requesting the bag in WorldTracer, the bag matching system. After 5 days the bag goes to central tracing for a more thorough attempt to reunite the bag with you.