It's like tanks. Bigger guns vs more armor. A death spiral.The thing is, most of the engineering is on the defensive side. Engineering gives... well, a still pretty significant damage boost to weapons over stock, but the hitpoint inflation that defensive engineering allows, especially on big ships with lots of utility points (or a certain medium ship with... lots of utility points) is considerably larger.
The kinds of ships that get ganked are often neither engineered to a serious degree, or would pop to a vanilla ship.
I've had newbie gankers pull my T7 and popped their shield in a single missile salvo, with the only relevant engineering being overload munitions. I've likewise had traders decide to fire first when I demand cargo, expecting a T7 to not be a threat, with similar results.
Likewise, against these kinds of threats, I can just facetank whatever they're throwing at me. In a type-7.
If an actual dedicated ganker came along in anything other than another memeboat, though, there's no way I could chew through his health pool before I ran out of either ammo or hull.
And that's the real rub of engineering - it's not just that it's necessary to survive, it's that when someone does go out with the aim to cause mischief, those people are effectively indestructible. Because you know they didn't skip the engineering.
You definitely need some protection while running, but stocking up on shield boosters will buy enough time to get out.