I think you're a bit confused. The OP wasn't the bully, the cobra was. Sooner or later someone stands up to bullies and puts them in their place, which is what the OP did.
By losing his ship, the cobra pilot learned a lesson that his actions have consequences.
If he was let go, he would probably have waited for the clipper to leave, and would have gone back to kill the sidewinder. Sometimes some people need the hard lesson in life. The cobra got his.
Well said