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All right, here's some theories:
- The treasure stolen was from a very powerful person. Someone who could basically pay many countries navies to man-hunt you and your ship. No civilized port or waters would be safe. They'd turn you into the worlds most wanted man (not to mention other pirates who'd be out for what you stole). So you ditch the treasure, and if the worst happens one of the crew can keep it. Like a tontine.
- You looted savages blessed with gold, and you belive it is cursed. Perhaps hoping leaving it alone for a while will make it safer?
- The captain is surprisingly economically savvy. If the amount of gold is enough to ruin local economies (or even encourage gentrification in hives of scum and villainy they love), they decide to treat the buried treasure like a bank vault. Sneak back and only take what is needed.
- There is literally too much gold to take back in one trip. So they use the island as a go-between. But they can't leave it sitting on the beach out in the open.
The "bank vault" theory seems most plausible. Carried on your person it's a death wish. Even if you aren't an outlaw, enough gold in someone else's coffers "for safe keeping" and suddenly they vanish with your money.