Because of how quickly my inventory fills up with junk, I find myself more often than not just dumping all the good stuff in a chest anyway.
To be honest, usually my dumping anything worth much of anything is late enough in the game that, not only will many chests be empty and everyone has given up checking, but also, there are far fewer people checking them. Not only that, but the chances of someone particularly good at the game, or much of a threat regardless, getting it, is so low, that I've found myself not caring. I mean sure, I'll pick up a full set of iron out in the open on a small map or in corn, but aside from that, it just takes too much time that, since the chances are so low anyway, I figure it's more worth it to just get going.
Due to things like this, I actually find myself being very impatient in the games. I'll often rush into fights without much thought, or not even attempt to sneak attack someone that I could, because it just..."takes too much time". Too many times I've died due to that last second person coming up from behind: Every second counts. I tend to rush everything. I feel far too slow if I take the time to pick up all the good stuff from the pile that nobody will find anyway, or waiting around a corner for someone who, for all I know, knows I'm there already anyway...it's far more beneficial for me to just get going it feels.
Time is everything in the games. Every second counts. Although it may not seem like it at times, it can really help at others. Being the first to corn, even if it's minutes early, fully geared and ready for refill is great. You don't have to worry about someone already being there, ready for you. As well, it's more likely you will have more gear by that point of the game in general if you don't take your time: Those iron leggings or chestplate can save your life, and it's far better to have these than waste your time throwing out other stuff, even if you had chain before...I'm always in a rush to be places, which is why I dislike being on teams a lot of times, especially large/slow teams. I'm hindered in gear and find myself separated because of my rushing around and get myself killed being distracted talking to them telling my location, etc...
I guess I'm starting to go off topic now, though...still, I think I've made my point. Yes, in some situations, I will burn or deny access to good gear so others can't get it...although most of the time, I find it far more beneficial to just leave it and get going. Sure, someones life might be saved by it, but that happens less often that it saves my life to get out of there. You could also think about it this way...what if the guy who got it died to another guy, who now takes his time to get the stuff and burn it, allowing you time to sneak attack him? Or what if the guy who gets it helps you out later? Maybe he'll just weaken the strong opponents for you with that gear? I'd still rather other people not get the gear, but it honestly doesn't feel worth burning it most times. I quite frequently dump iron gear/swords in random chests around the map.