Loot Chest Get Better With Time?

So i've just read the page on loot and loot chest and I notice that it says that loot chest quality gets better the longer they remain untouched. Is this true, and how does it work exactly? Thank you.

 

Basically, if a server is freshly restarted the loot chest contents will be very minimal. Over time, the further the server gets to the "restart time" (when the restart countdown initiates), the better the loot becomes. Therefore, try to do your loot runs on servers that have been on for a while and have 40+ players on them.

Be aware that if a player opens the chest during the "aging" of it, it will reset and be lacking of contents despite the age of the server.