2: Pirating should carry a risk.
Not really, it shouldn't. No pirate wants that. Like traders would rather run than fight, pirates would rather get what they want without a fight. It is up to traders to make things more dangerous than pirates, using actual tactics: Fly armed, fly with escort, fly in packs - pick one ,two, or all of the three.
That said, I do believe that system security needs to have a more active role in the game. Bounties for piracy, that's a topic in itself. They need to be high enough so that pirates don't make a profit, but there should also be a way to evade them. A local, decaying karma system is a common approach to that: if a pirate repeatedly attacks in the same area, life for them is going to get really hard really fast to the point where they have to move elsewhere. This works great because traders tend to stay in an area for a long time. I believe that such a system is very well suited for ED. A way for pirates to quickly reset their bounties would be to collectively raise havoc in a system and temporarily flip it to pirate control and anarchy. That is if other players offer no resistance!
Also a comment - just for the sake of discussion really - about the roles of bounty hunting and piracy: Ideally it should be a rock-paper-scissors situation. Pirates beat traders, bounty hunters beat pirates, traders control bounty hunters (that can be indirect, like it is in ED with automatically generated bounties). This relationship is more than a metaphor: pirate ships are equipped to quickly and safely disable traders, but they can't go toe to toe with bounty hunting ships which are specifically equipped to beat pirates. So pirates call the shots for traders, bounty hunters call the shots for pirates, traders call the shots for bounty hunters. Each job depends on the next one to stay in business. It's a tough equilibrium to achieve, and I don't think it can work in Elite: Dangerous. But what I described is the optimal situation in a game that is self sustained, player created and driven, and provides challenges and opportunities for all sides.