Returning player here. Haven't kept up with all the updates, but has the treasure sink time been reduced. Because it's a bit ridiculous how short it's been, now. I turn around and floating treasure is already sinking.
I used to loot wrecks by floating the loot up to the top so I didn't have to back and forth as much, but by the time I finished with a lucrative wreck just now, treasure was already sinking!
I also didn't mind sinking too much, because I could go find my loot again. It was like an adventure to go rescue my loot in time, but now there's no chance. If you sink, just give up.
Lastly, during fleet battles, or when you have multiple encounters at once, half the loot disappears before you finish! As a solo slooper, there's no way I can fend something off AND grab loot at the same time!
I know you can't have it floating all the time, because of technical limitations, but this is waaaaay to far in the other direction. I can't leave loot in the water at any point for fear it will disappear when I turn my back.