It depends. A lot . I work with people I do "trust" and my code-review is usually "LGTM" -- often without even looking. Most code doesn't go right to production and can be fixed if there are bugs (which I'm unlikely to find by looking at it, anyway.) The things I look at are things that are hard to change in the future: big architectural decisions, schema (db and data format) changes and things like that. More junior…
If you don't look how is it a review? Why not use a different response that doesn't start with "L" for Looks Good To Merge, like "approved" or "I trust it" or "review waived", e.g. one that isn't a literal lie?