Essentially, this would allow players to create loot tables that they could then link to a specific chest placed in the world. The chest would then be able to have a respawn timer for the loot inside and possibly some other features.
Example:
I have a chest in my spawn that gives free loot every 24 hours. When the crate it looted, it will give the player a message stating that they must wait for the cooldown and tells them how much longer they have to wait.