The file appears in C:/users/UserName/AppData/LocalLow/CompanyName/ProductName instead. But the build was ran on Medium Integrity Level and Use Player Log was checked on in the Player Settings.

To reproduce:

1. Create a new project
2. Build the project for Windows standalone
3. Launch the build
4. Exit the build, open the buildName_Data folder and look for output_log.txt file

Expected: output_log.txt file is created in buildName_Data folder after the build was launched.

Reproduced in 2017.2.0b3, 2017.2.0b4, 2017.3.0a1
Did not reproduce in 2017.1.0p1 2017.2.0b2
Regression introduced in 2017.2.0b3

By design: user can specify a path using the -logfile commandline argument