All Bungie needed to do to fix it was check if the rune is in your inventory when the button timer finishes (it already does it when you start holding down the button). Checks like this should happen on any of these "timer" events for any item, which is mostly unique to Destiny in my experience.
Easy fix; from what I've read, Bungie's code is so spaghetti'd up it's difficult to make simple fixes like this (or they're just dumb).
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It does do that. That's why you send it to your inventory after the chest opens, but before the rewards are given. They would have to add the check the instant before the rewards are awarded or consume it as soon as the chest opens. Don't know why the latter isn't already in place.
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Then they need to lock the item while you're using it. Can't unlock a door if you throw the key over your shoulder.