Everything should be more dangerous, and that includes the risk of combat (which is a central aspect of Elite). Beyond that poor hull integrity should have far more consequences, face-planting a star should be catastrophic, a black hole should fill you with dread, terribly advanced and sometimes hostile aliens should be occasionally encountered. The idea that you can casually stroll around the galaxy in a sidey with 0% integrity with also zero risk at any given moment is absurd. Going to Beagle Point should be a monumental achievement. It is not.
I agree that the pvp danger is superficial. Then again, so is DWE itself. But at least there is some danger now.
A lot of the "meh" status of exploration achievements (such as Beagle Point/Sag A* ventures) are due to the superficial nature of exploration mechanics. Until the introduction of the new exploration tools, we didn't have to do much when exploring except honk and jump until we got to the targets we were after. Just about every nebulae or real-world interesting star has been tagged already, and usually you won't find the name of the tagger anywhere else: They went straight for their target and there was nothing in-between to slow down the journey or make it interesting in itself. At least now we have more complex scanning/tagging mechanics, and we can get useful and profitable stuff from detailed surface scans too.
We already have hostile aliens, although they can largely be avoided as they don't interdict. Some of the NSPs are dangerous too. Danger from NPCs are already present when exploring (well, salvaging) within or near the bubble. Danger from players is what it is - an online multiplayer game will have an element of that almost regardless of game rules.
The issue is as that there is no inherent danger in travelling. The integrity degradation is very slow. I would propose to add more degradation from just being in space:
1) have radiation damage hull (unless ship is shielded). Any shield can stop this, but the closer one get to stars, especially neutron stars and such, the stronger shields would be needed to stop this effect. That would mean that just travelling in space would do damage to ships. Fuel scooping would be dangerous then, as would neutron boosting.
2) have planetary approach (especially when atmospheric flight is introduced) be damaging to ships. The thicker/more corrosive the atmosphere, the more damage to hull. Again, countered by shields.
3) make hyperspace jumping degrade the jump drives. That could require a mini-game (because we all love those!) to reduce damage.
The effect would be that travel would mean hardship that need to be countered. Shields would protect against radiation and degradation from dust and micrometeorites. AFMUs would be needed to keep a ship going for long successions of hyperspace jumps. And those hardships would be the same for everybody, so bandits might be less likely to travel far as a pure combat vessel usually needs a bit more infrastructure behind it compared to multi-purpose or exploration vessels.
To compensate for the hardship, dropping black boxes could be a way to allow "corpse runs" for explorers to regain their lost data. If that could be picked up by others as well, we have emergent gameplay!
Space travel itself outside the bubble is no danger to anyone really. That's the issue with DWE at the moment. If it was hard, there would be a lot less pvp going on I reckon.

S