Yes. To put the numbers to it:The only problem with this is a 60m Cutter, with another 20m of cargo, being shot to hell. The trader loses 80m, and the pirate makes 2-3m in stolen cargo? What C&P can make up for that kind of loss? Then we're back to the whole OPEN vs SOLO Hotel California.
Assuming a 10% profit per barrel on successfully-delivered cargo:
Trader Pirated: -80M
Trader Safe: +2M
Pirate Pirates: +2M
Pirate Misses: 0M
So the profits are equal if the chance of piracy is such that 2P = 2(1-P)-80P, or the chance of successful piracy ~= 2.4%. Note that any higher than 2.4% barely benefits the pirate, but means the trader goes from struggling to get by to irrecoverable losses -- and obviously the game design can't be so precise as to get an exactly 2.4% chance!
Adding in any form of C&P only makes things economically worse in this case, because it just adds more costs into the system and everyone goes bankrupt no matter what they do. (Or it wipes out the pirates entirely, which isn't the point of the game design)
Kill-to-rob worked well in the single-player Elite games but Frontier were absolutely right to move away from that for multiplayer.