Aaaaah, come on people.....
This is treasure hunt, spawning deep underground or in the ocean is part of the fun. Did u ever play Tomb Rider? an easy treasure has no meaning at all... move your asses if u want the reward.....
I agree with the timer thing but only for some chests (maybe a random time between 0 and something?), increasing pvp is nice but races aren't bad too and gives a chance for classes with mobility to actually use it..
If u want to show your pvp superiority, use the arenas, treasure hunting is more about speed, quick pvp and being cunning. 2 hours for an epic chest? that means the stronger party has time to get there and camp for the whole time. Higher value treasures would be monopolized.
The way it is now, everyone has a chance to get some..... being powerful just means a little better chances.
Edit: a better idea would be to increase the /hunt CD or make it give an estimate. That way u take longer to find the chest and more people could show up at the same time u prevent camping.