In my experience Developers either let PvP rule, or become the only content. I.e. Mechwarrior, WoX and so on. Or, they make PvP optional by flag or zone. I.e. from Wow to STO. I can think of no game that controls a World-PvP based envirinment with a crime and punishment system. I've been a mainstream gamer, PvP involved, for many years.
I would be very interested in seeing the attempt. But, that won;t bring the non PvP oriented players into view. It would just make a more interesting world for the criminal minded (gaming wise). If it can be done, it may help to ease the way into the galaxy for the new-comer. That is a worthy reason enough to hope that the Dev;s give it a try.
I see this idea differently. Playing, like you, a lot of PvP..and playing with others that are like minded...bounties, punishments are not a hindrance...or preventative measure.
The criminally minded within the game will look at these at 'High Scores' and wear their numeric superiority with pride...in other words any legal punishments become this:

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