It would be pretty crazy if there was no physical treasure, but that partaking in the journey to Raftel is the actual treasure. Like a spiritual reward, more than a physical one. Additionally, with Luffy always wanting to be the "King of Pirates". We still have no real idea how one becomes the king of Pirates, other than going to Raftel. This is not to say that others have gone before him, and perhaps chose to keep quiet about it.





