Most people I see doing them with locked knees are incorporating a lot more spinal flexion and extension that rotating at the hip. The spine should act as a stiff lever, not a series of small blocks changing angles. I find that when the knees are locked you are not able to push your hips back far enough, the weight then is further away from the center of gravity, thus limiting overall hip flexion and hamstring involvement.
Keeping the knees slightly bent allows you to push the hips back further, keep the weight close to the center of gravity, maintain a spine rigid (i.e.: flat back) and thus use the hamstrings to rotate the load around the thigh.
Check out the differences, even though both maintain a flat back:
Locked, see how far away from the body the weight is and how much more the spine needs to support:
Unlocked, see how close the weight is to the center of gravity, thus less work on the spinal erectors and more on the hamstrings:
Granted the video below is of the good morning, but you can see the slack at the hammies when the knees are locked. Check the video, its actually a really good animation and analysis.
Good Morning Exercise - bent knee - YouTube
Br