So how about this...
Pirates need a 'piracy module'. Which, natch, will come with ratings and ranges and like that. Said module will be fired (at the appropriate range), and if successful puts the 'pirated' player's FSD out of action. So no waking of any sort. Time-to-FSD-reboot will depend on piracy-module class/rating, but better (from a pirate's point of view) than the interdicted FSD cooldown we have now.
Unwanted or random PvP: Massive persistent Asset-stripping. Forget suicide to clear bounties. No-consequence PvP: just turn off 'report crimes against me'. As many others have said: true, some people want to RP the role of wanton psycho. What annoys/upsets/irritates/something stronger, people is the completely un-real-world situation where such people are able to do so with virtually no consequence. So let's have a meaningful consequence for them, and let the rest of us get on with it. I play mostly solo. I would definitely, definitely play open, if only for the additional excitement of potential piracy if the consequence-meta could be properly balanced.
Oh, and I'd never willingly engage in PvP (other than pre-arranged low-value, fixed loadout matches with friends) for the simple reason that I am useless at it. And to those who glibly reply 'get good': yeah, but there's always someone better and I didn't come here for a competitive experience.
Cheers.