The Incident
This short theory is inspired by a comment by Andre7 on my ‘Jin in a Dharma Suit?’ theory. If the bomb was buried sometime in the 50s where the hatch is (see my theory called ‘Origin of the Hatch and Failsafe Switch’), and the incident took place sometime in the 80s, MAYBE someone stopped pressing the button. This could cause that uncontrollable magnetism to occur (like when Locke broke the button). MAYBE this caused that tear in the entrance that Jack passed by and attracted the key around his neck. Notice that the wall was concreted and reinforced with steel beams (like a repair job). In addition to causing that damage to the wall, MAYBE some of the radiation of the atomic bomb was leaked out and required more concrete to be poured in the 80s (thanks Andre7). During that time, MAYBE they installed the failsafe switch to ever prevent ‘The Incident’ from happening again. Then again, these are all MAYBEs 🙂

maybe
It’s a possible and very plausible explanation. I like it.
The failsafe key as a preventive measure.