Codelock drop chance? Drop rate should be adjusted?

I’ve played this new version on 5 or so servers, probably hit somewhere around 400 barrels and I’ve only gotten this once so far. However I’ve found explosives 10+ times which Imo doesn’t make sense code lock is this rare.

What’s some of your thoughts on rarity? Maybe I just have bad luck? Should this be a starting item with higher cost?

You just have really bad luck. I’ve never had an issue with finding the codelock. C4/Explosives are a bit too easy to find but that’ll change once servers can last longer between wipes.