I feel that you're 99% of the way there, and you may even have locked it, as its only about 45 degrees of a turn to lock it. If the handlebar is already too far right, you may have to turn it left. I have five, mostly rough knuckle bricks, and I have found today that they all work.
I have also found today an easier way that doesn't require Joe Cocker hands. Remove the key ring and everything from the key and turn the plastic part so its parallel to the face of the lock.
Yep, being undervalued makes them less liable to theft. Also, because we brick brothers and sisters of the world are such good people, the market for stolen bricks is close to zero. (I think when I got my brick I counted thirteen locks on it, with that many I should get better fuel economy by removing them)