That's fairly spot on.However NPC AI's should have somewhat realistic behavior when it comes to being the victim of pirating.
Most here have focused on the fact that pre-update, it was a little too unrealistic with AI circling and shooting you as you sat stationary shield tanking their pitiful dps whilst your limpets broke the hatch dropping their goods in one location allowing your cargo limpets to collect the loot quickly. Seems the new update has made it justifiably more challenging, but pushed the realism a little too far in the other direction.
Maybe an RNG chance of victim surrender would at least make PVE piracy more profitable whilst still providing a challenge when they decide to run.
The way I see it, Piracy 'should' be a viable profit making endeavour on a par with some of the other activities such as passenger missions and deep core mining. It simply adds more choice, and if one is more profitable than the other, inevitably people will opt for the profit at the expense of fun. Variety is the spice of life!