That bolt set looks like a fantastic idea! Me likey!
My Vee came to me with one lock on one side.
Anyway, my take on it is that the locks are useless simply because they have no deterrent value. Unless you already know what you're looking at, you'd have to ponder the setup for a while to understand which bit is a lock and which bit would just pop loose with a quarter-turn.
However, if you loop a cable through the racks and the bags, it's obvious to one and all that they're locked up and that they won't come loose without breaking or cutting something. Sure, it would still be easy to steal with a set of bolt cutters, but then again so would a lot of stuff. The cable is universally easy to understand, so it has some actual deterrent value.
Most thieves determined to steal your dirty socks and skivvies are going to pick up a big rock, or carry something relatively cheap and less suspicious like a big screwdriver, a crowbar, or a claw hammer.