Where to begin?
Well we have far too many cheaters that pull the plug when faced with the prospect of losing their cargo for one. Since they face no consequences this isn't exactly getting fixed anytime soon. Also we have the still unchecked money exploit that is Quince, which dwarfs all forms of legitimate income. Not to mention the abuse of block lists that would rather put the pirate in an empty instance rather than the blocker.
Yeah piracy is unfortunately a dying profession, it's decent pay under ideal circumstances and lots of fun, but ultimately it's a career path that exposes you to all sorts of cheaters.
Well, when talking about it as a career / income method I am primarily talking about PvE Piracy.
PvP and the can of worms that go with that discussion is already covered in hundreds of other threads.