Oh no a 'massive fine' what will I do?
Right nothing because it means nothing. One of great new features of 2.2 showed me I had 44 million in legacy fines, which suprise means nothing because I never have to pay them.
Leave it at death as a punishment, we need missions for real smugglers.
It's a little bit exciting, remember that feeling in Elite?
Problem solved.
The Fine works in combination with the bounty status making it impossible to dock at high sec systems (which is identical to having a temporary Hostile status with every high security systemfaction). If you don't pay your fines, then they eventually become bounties. So they can very much still result in death. (This is like the bounty punishment system recently suggested by Sandro)
If we had the above, and steeper fines, then having insta-gibbing stations guns would be unnecessary. Powerful guns sure, but inescapable guns reduces gameplay and creates room for lethal bugs and exploits.
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