I think the Pillars of Eternity games did one of the best jobs with giving magic items stories for why they were where they were. I'm sure there were plenty of items that just sort of ended up where they ended up, but I find that there were just as many that had the location be part of the environmental storytelling. Like in the first DLC for Deadfire, you can get the armor of a knight who was frozen outside a portal to the god of cold's realm. That was so incredibly cool. And depending on the choices you made in the first game, you could get the pieces of two swords and reforge them into a bigger, more impressive magical sword. So yeah, more of that in this game would be gangbusters.
