What you describe is Masterlock, which usually has a few easy breach methods. No idea why they don't fix them but I guess for price reasons.
This thing has every single flaw in the book to the point of total uselessness other than intimidation. They had dirt simple sofware with no attempt at security at all beyond a password that was easily breached, their physical durability is weak, it can be shimmed (although so can Masterlock sometimes), cut, smashed, exc. They didn't even use security screws, and how secure is the back locking pin?
Yes, they say they are going to fix it, but letting the consumer teach you security 101 is usually not a good thing. How many more problems are lurking with it?