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My answer to the question: "so why are LPs not trading near parity with locked value? the discount is the priced risk of core devs not delivering the product offering?"
Answer
Why the LPs are cheaper at balancer vs minting? It's due to the effect of time premium.
Answer
Why the LPs are cheaper at balancer vs minting? It's due to the effect of time premium.
There are two things you can do with your LPs, "selling the LPs" vs "farm core by staking LPs and wait until you receive all your investments back and more". 
Those who can't wait and wanna cash out now are paying a time premium (in the form of a cheaper LP price) to those who can wait. Wealth transfer is already happening from inpatient to patient!
Currently, APYs for LPs are mainly dependent on the trading activity of CORE (from fot 1%). That is not very attractive at the moment due to low trading activity. Core Devs are addressing this challenge with the launch of Phase 1 Products (the first of which is coreDEX). 
In my view, coreDEX is a #DeFi game-changer because it covers not just swap (basically uniswap), but also options, futures, and possibly loan.
Core Devs are very very strong and talented. $CORE protocol can be anything that they wish to be because of their high ambitions and talents.
You will never get wrong betting on great talents. They also have integrity. That's why I don't invest in Core Forks because you can't fork talent and integrity!
