That's honestly how I feel. Just for PvP for me though. I feel rebuy serves no purpose in the context of PvP, rather it's actually harming the game.
In a single player game yes a rebuy makes sense, the player should *always* win.
In a multiplayer game one player *has to lose*, huge rebuy makes no sense in that context.
ED is both a single and multiplayer game, if you're going to make it actually work then AFAICS you're gonna have to differentiate death at the hands of a player vs an NPC.
The game already does that - the notification screen tells you that it was a CMDR when that's how you go; the game is already sensitive to how you die.
Time and again, though, I've seen people either directly say that the issue with dying to both CMDR
and NPC ganks is
time, or imply that by quantifying their losses in how long it will take them to make back the rebuy and/or cargo costs. Time is the basic currency of this game: I generally don't play it for seven months of the year because of my job. My playstyle -- BGS-focussed -- takes a great deal of time, enough to make it impractical with a family and certain perfectly reasonable demands from my employer, such as showing up before 9AM.
Any financial setbacks due to death are largely irrelevant - I never fly without rebuy (and let's face it that's just a ridiculously easy thing to accomplish anyway,) and frankly the majority of the BGS work that players like me do is feasible with ships no larger than a Cobra Mk. III. Indeed, it's usually
easier in the Cobra because so few ships can catch it if you put even minimal mods on the engines.
Basically, for me, risk vs. reward is not a concern in this game. I suspect that a great many CMDRs would also put a lot more time into PvP if they weren't punished for it. In PvP, you're going to die
a lot when you're learning, which I guess is the point you were making. I can't think of a single other PvP game that I play (which is most of the games I play, but I don't play MMOs so can't comment on that genre) where you actively
lose something when you die.
In single player games, failure largely results in being pushed back to your last save point. Most modern games autosave for you (although Elite didn't

,) so again, the only thing you really lost was time.
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You do have a point, but some kind of death penalty does give an element of immersion.
Arguably, for PvEers the loss of cargo, failure of missions, and loss of data is perhaps the larger part of the loss.
Absolutely, and they all reduce, like sugar to delicious caramel, to time.