effort/reward aren't terms related to playing games imho.
I think all players moaning about this are more into meritocracy thinking than playing.
Playing to me is senseless, wasting time in a positive way, i dont work games off, i dont want to need to be efficient or absolutely effective and successfull, but relaxed and see what happens next.
Therefore i dont play games with mandatory progression.
I also play competetive games like shooters sometimes, but on a casual and no pro level. I dont want to make playing games a job for me or a serious competition like a sport pro.
Of course you can approach it this way, some games are made for that, others are not.
To expect all games are made for this is wrong imho. And to approach games that arent made for serious competition or progression, but more for playing and having fun for the matter itself is a mistake.
SoT is no way about progression or effort= reward, imho you betray yourself playing Sea of Thieves if you tap chests and let them go because they aren't "worth" it.
SoT to me is a game to immerse and do whatever comes across, be it a message in a bottle or an Athena journey you buyed.
Sure i also let go loot sometimes, but more because of the others just don't want to bother about it.
I even dont care that, if the others dont want i'm absolutely ok with it, but i for myself wouldn't do it, because it feels i would refuse to play the game, because efficency is the thing and not playing, because effort =reward is the thing not having fun for the matter itself.
I also had fun if i lost my loot.
Sure it's more fun to get rewarded, but it wasn't much less fun, if i lost it, because it's the process, the way, the journey i have fun with not the reward in the end. This is the cherry on top, but i cannot say that without this cherry the cake wasn't tasty.