Airlines have either lost my checked bag or just stolen from it too many times for me to trust them with my possessions again. Maybe if I was transporting horse manure, or unpackaged glitter.
My personal experience is I've had my luggage lost twice in the last 10 years at an average of 6 flights per year, so my personal incidence rate seems to be 2%
Still sucks when it does happen though.
My wife and I literally had everything we owned in 4 suitcases for a year and carryon back packs for our electronics.
We got rid of everything we owned that wouldn’t fit in four suitcases in 2022 and hopped around different cities for a year on planes. Even then, if one of our suitcases had been lost, we would have used the airline reimbursement and just gone shopping.