Finally... after hours of play, I got one...
Then after 4 minutes of busting moves, I got absolutely NO LOOT from the chest!? Nor did the other 5 members of my fireteam.
Come on, seriously.. what's the point of them asking you to collect loot constantly for 4 minutes if nothing drops!?
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You get 50 glimmer from each chest you find and approx 3750 XP the first time you push the "collect loot" button on the dance party chest. YES, it's absolute garbage that that is the extent of it for how rare the key is. IMO, the keys should be A LOT less rare (there should be a dance party going on at least 1 in 5 trips to the tower) and should give out loot and/or glimmer every time you push the "collect loot" button around the chest.