The impact to "griefing" aside, the change will definitively impact PvP in the game either way- in the context of murder particularly.
For those who interact with others without the context of murder being the pretext, it will affect very little in terms of gameplay. Strafed someone accidentally? Just don't murder them, and you can still pay off your fines. Give someone a "warning shot"? Same thing. Escalate the interaction to murder, and well... there's your penalty.
It's going to change the concept of ED as a pew-pew fast kill murder arcade simulation into one of those where people actually have to give some thought in their interactions with others.
Not really much thought. I just won't engage unwanted cmdrs.
Game is going to be boring.