The problem with a very loud pinger would be battery life; in order to be audible over large distances, it would require much energy and hence either work for a shorter time than today's boxes OR be heavier (which the airlines would hate for the added fuel consumption; in addition, the extra mass would make it harder to crash-proof it sufficiently)
The whole problem becomes a lot easier to handle if the boxes were more or less guaranteed to detach from the body and remain afloat; then they could ping a satellite and we'd know just where to look. That requires orders of magnitude less energy than transmitting an acoustic signal underwater.
(Such devices can be very small; the PLB I carry whenever I work offshore is the size of a slightly clunky cellphone and yet will let rescue services know my position to a few dozen yards minutes after I fell overboard - as long as I try to not do my man overboard-act too close to the poles, where coverage is spotty-ish.
Affix half a dozen of these loosely to an aircraft, be prepared to handle a ton of false alarms - and we'd know where planes come down at sea more or less instantly.
Matter of fact, it'd be so quick the first sign of trouble an airline was likely to get would be rescue services calling to ask whether they are SURE their flight such-and-such didn't crash at, say, 61 degrees 32'11.4752"N, 14 degrees 11'37.8531"W 47 seconds ago?