Not a lot of money in stolen baggage. But using stolen baggage as an in to socially engineer someone into sending you Target gift cards? That seems like the kind of scam that might happen.
You get the average bag value from every bag though (on average!), you socially engineer someone into sending you more than that in Target gift cards some tiny fraction of the time. And in this scenario you have to know about their lost baggage anyway.
I think if you somehow have access to the lost baggage at a given airport, theft is going to me profitable than scamming. Aaanyway!
(..so also excellent time to scam me.. please don't. But also maybe more fruitful just to steal the baggage if you have access to that information.)