It seems typical that the ignorant believe pilferage if rife in the airline industry but it is utterly false. Pilferage represents a tiny fraction of the less than 1% of baggage mishandlings that are reported.
And all those youtube videos of handlers throwing bags around... Even if there was zero theft would anyone entrust delicate, valuable equipment to checked luggage? Don't make me laugh!
As I said previously, until airlines treat checked bags with proper respect - the same respect the owner would - many people will not check their valuables. And if it valuable to them and they have to get off in a hurry, in that pressurised traumatic moment when thinking logically sometimes goes out the window first, there's a chance they'll [try to] take it with them.