Golden Chest, Borderlands Wiki

The Golden Chest is a unique chest that can only be opened by using a Golden Key. It is possible to get legendary gear from the golden chest. When the golden chest is opened, it will spawn purple weapons, class mods, shields and grenade mods. E-tech weapons as well as blue and purple relics can also spawn in the chest. After all of the items are collected, the chest will close. A player with more Golden Keys available can open the chest again for more loot. The chest will never spawn pearlescent

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The Shlooter improves the Gold Chest (explained in comments) : r/borderlands3

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