> Does the existence of lock picks or bolt cutters render padlocks pointless today
A padlock shouldn't be the only component of the bigger physical security picture.
A random person carrying/using bolt cutters or trying to pick a lock looks suspicious, and should be noticed by on-site staff or whoever is monitoring the security cameras.
If the padlock is decent, there will also be an inherent delay involved in bypassing it using those tools, which should increase the likelihood of the person being noticed.
If the padlock is used in an unattended/unmonitored location (i.e. a remote vacation house with no neighbours and no security cameras), then the padlock is probably only good for keeping honest people honest.
A lot of physical security => information security analogies are misleading for the same reason. In information security, it's very possible for an adversary to have effectively unlimited time to perform their attack (or to develop the means to perform the attack quickly).
Imagine a scenario where any determined person could e.g. spend a month in their home workshop and develop a pair of gloves containing transducers that would vibrate any padlock open in seconds. They could mimic the action of using the key or entering the combination to avoid looking suspicious. Also, the gloves have a button that instantly creates another pair of the same gloves at no cost. How much value would a padlock have in that scenario? That's the kind of asymmetric playing field one has to consider in information security contexts.