Weaver replied to Shiowrecks on land July 31, 2021 @ 5:58:15 pm PDT
Shipwrecks on the world generator don't actually indicate shipwrecks, but the chest tied to to shipwreck generation which is the same one used for the stone 'boat' formations. So you are correct, they do indicate the formations of stones as well as actual shipwrecks.
2:13 am, August 1, 2021