24.8 million checked bags went missing in 2018, so it’s not a small problem.
Another thing to think about is how tags get attached to your luggage. If the bag is a hold-all type bag with two straps, often the check-in agent will put the baggage tag around both carry handles. If a baggage handler then picks the bag up by a single handle this can cause the tag to come off. Also baggage tags also have little additional bar code on the very end of the tag. These are supposed to be stuck onto the luggage so that if the tag comes off the luggage it can still be scanned and tracked. But often the check-in agents don’t bother sticking them on to your luggage.
If you have ever worked airside at an airport, as you move around you’ll often see small piles of luggage stacked in corners from where it’s fallen off luggage belts or worse still are the bags on the outside of bends on the airport service roads, often in the rain or snow, that have fallen from luggage bins or luggage trucks. Many airports employ people just to drive around to pickup up this stuff , throw it into a truck and then dump in a central area for sorting. Most will eventually find their owners but many won’t which is why they are now many specialist auction houses that sell off lost luggage on behalf of the airlines and airports.
So, I recommend where you can you take your camera as carry-on. Also do remember any lithium batteries MUST be taken as carry on. Tripod, lights etc, that can go in the hold. If they go missing it is a complete pain, but you can probably still shoot if you have the camera a lens and couple of batteries.