I am not more than a dabbler when it comes to PvP and wouldn't think of stream sniping, but I do feel that there may be way too high expectations from any future Crime & Punishment mechanism, and I wonder whether it will have any effect at all.
At the moment, the police response in low sec systems is.... very slow. If you're on a murder spree it might take minutes after killing an NPC for the police to show up. Once they do, in a proper ship built for it, you simply murder until you're out of ammo. Doing this in hisec only really increases the spawn rate.
But they still don't really provide a lot of danger. In fact, for those with some skill and in the right ships, it's the most engaging combat in the game. Spawn more at the same time, and I would welcome that. Give them better loadouts, I'd welcome that, too! More challenging to kill!
Do you see my point? Buffing NPC response doesn't fix anything, as the murderers might relish the challenge.
A bubble-wide bounty by itself doesn't fix things either, if it just makes the player WANTED. No biggie, just don't dally when entering stations. Only if it would make the player hostile to all non-Anarchy factions would it matter.
I like the idea of a galaxy wide bounty, and making the CMDR trackable throughout space, and allow any bounty hunter to collect the full prize on that CMDRs head, not max 1M. That adds gameplay, and makes it rewarding. I don't think anything else can be done to make a meaningful difference.