I can see the point in investing in the skill (which you have to do - lockpicks will not help open a level 2 door if you have no points in thievery).
Lockpicks don't add value to this process but they don't really involve much annoyance either as they are so easy to get.
It definitely isn't the same as repairing armor etc. I played DOS EE last week and had to go through each character repairing every piece of armor and weapon after every fight. That really was annoying.
Perhaps a good solution would be lockpicks that don't break. Find/make yourself a kit and you are OK. I guess you need a set as you can't pick a lock with a potatoe no matter how skilled you are.
This would work in the same way that repair hammers and magnifying glasses do - they just don't break any more.
Honestly fun/reality has nothing to do with it. You no more break lockpicks by using them than you break a magnifying glass by looking through it. You just need the relevant item to do the task at hand.