Didnt read all the replies but you don't die.
He/she/it rasps a bit then blacks out and you hear the computer say eject. So you lose oxygen but bail before death. You are then in a life support capsule that blinks to a home station.
The ship then self destructs so no one can get their hands on your info and ship as it's all linked in.
Makes perfect sense to me and is v cool.
Of course if you want a bit more risk involved when you eject (because, let's face it, ejecting in combat in an isolated system far from the Core Worlds is a lot more dangerous than crashing into a station in Sol) you could always use this table I'm tinkering with
https://forums.frontier.co.uk/showthread.php?t=107694