Why not remove death entirely?
I used to play in solo. I was perfectly happy with the challenges put before me, and in essence was a little scared of being ganked, but more of being embarrassed to spoil someone elses day by accidentally shooting them in a RES for example.
I visited Open occasionally, mostly because I was curious to see who, if anyone, was out there. I was quite comfortable by then with the core gameplay, and apart from the occasional forgetting to request docking permission (which I still do

) mostly I was looking for other Cmdrs. The Hollow squares.
If I saw one, I'd be nervous. Are they a ganker? Do they think I'm a baddie? Handshaking, like a pair of fax machines. The thrill & relief on finding just another regular guy like myself was fantastic. I'd never been ganked (at that point), never even met a player pirate but I knew they were out there, and my job was to not be killed, not frustrate another player by any lack of etiquette on my part, to live out my life in the backwaters eking a living & staying out of trouble.
The thrill was fantastic (and still was up to 2.1) because although I knew the danger was out there, it might find me & I'd have to deal with that. I absolutely don't want to be killed, I have stuff to do, promises to keep, contracts to honour. I stay squeaky clean despite doing plenty of (PvE) questionable activity, I'm very careful.
And I pretty well always play in open, because of that thrill. On occasions I feel a little more confident (or cocky) and venture out to more popular systems. I'm careful, I assess the situation & if there is a risk I'll formulate a plan on how to work around it. Love it, it's how I play the game.
Then 2.1 hit & I died about 7 times. There is no hiding, being sneaky or problem solving, just Elite Anacondas interdicting me anywhere & everywhere, no place to hide.
So the risk is in the mind, the thrill is in the potential, not necessarily in the reality or the day-to-day.
So there must be risk, and there must be a way to plan to minimise it at whatever level a player is comfortable with, and that plan has to be more than just carrying no cargo & leaving the bubble in a ship that I would previously have prepared for a trip to Lave.
The rules 2.1 AI plays by are way too simplistic and to my mind in no way an improvement, and the extra aggression (which does seem to have been toned back a little from my few recent encounters with the NPCs post 2.1) is just a step change on top.
So I'd like risk, I think we all would, but I'd like everyone to be able to mitigate that risk at whatever level they feel comfortable with.