This is mostly there already, though not in quite the same way.
You gain much higher murder bounties if you kill with high notoriety, and especially if you kill a weaker (less expensive) player ship. The rebuy cost for the targets of high notoriety players is also significantly reduced. It's quite possible to pile up bounties more than your ship is actually worth - the local bounty report here has someone with over 750 million in bounty.
It doesn't make a lot of difference in practice, because rebuy (and bounty) is only important if you actually get killed, and if it was made so difficult to run away that hostile players generally couldn't ... their targets would have no chance.
Indeed, anyone playing ED for long enough time probably has billions in the bank anyway. No deterrent. So maybe losing engineered parts would be more of a deterrent than money. How many ganks could you afford if notoriety earned you rebuy of stock parts only? Deterrent then?