Hi David,
There are manufacturer's recommendations that the sliding parts (particularly the lock body and the mounting points) of an ALKO Safety coupling lock and all other security devices need to be kept well lubricated.
Coating the lock body with "White Lithium Spray Grease" (which dries into a grease film in a few seconds) is the way to go. Our ALKO lock is 3 years old and like new.
Why isn't the lock (all locks for that matter) corrosion proof? For the simple reason that the corrosion resistant materials are not the strongest materials, nor the most resistant to cutting, bending, drilling, whatever. Corrosion resistant (stainless) steel is much inferior to a hardened steel in this application - except for the corrosion aspect.
In addition to lubrication, you can help by covering the lock with a rain protector (from a breathable fabric bag from Towsure to a carrier bag taped over the coupling)
Robert