Would this encourage you to fly in Open? Most people I speak to say recompense after the fact does little to reduce the aggravation of player led destruction.
It would, yes. It's not just the recovery of the ship cost but all other steps I outlined. Knowing they'd be hunted down by ATR is especially great, if I may say so myself. They would be treated by a superior force just like they do to noobs. See how they like it.
We'd still lose some, it's not an entirely equitable situation. We would fail missions that couldn't be completed, wouldn't accrue rank from missions or exploration data and the like. Gankers can take solace in the fact that they inflicted a bit of grief. Maybe that'll compensate some for their credit losses.
It's a compromise between an outright ban of ganker players (not a good idea) and having any form of meaningful consequences to their actions. As it stands now, they get a small fine, maybe some notoriety. When they've gone above and beyond the reprehensible, ATR announces their arrival with plenty of time for them to finish their dirty deeds and escape unharmed.
Can the heat be turned up some more? Sure. Add huge fines, max out notiriety, send them to solo mode for a period of time, etc. No banning for this, and consentual PvP would still be perfectly fine. I believe it would encourage some people back to open mode, myself included.