My basic idea is that there should be some mechanism that makes piracy dangerous. I would propose that the SOL corporation puts a bounty on pirates proportionate to the value of the resources they steal/destroy. This could be supplemented by private players/corporations. That way even if I don't have the resources to go after someone myself, I can still get the satisfaction of seeing a copy of a battle report where the pirate gets blasted out of space.
Another way of implementing this would be a relationship with SOL corp. That is, renowned pirates should not be able to sell off their booty on earth and be welcomed with open arms. They should be forced to fence their ill gotten gains off for second rate prices, or should be arrested on sight if their crimes are bad enough! The flip side of this is that reliable merchants/bounty hunters/ SOS mission completers should be given special rewards and discounts, should be helped by SOL corp.
Basically, there needs to be a way to keep pirates in check because frankly, I am considering leaving the game after losing a station/cargo that was half my worth, and not having any way of getting back at the guy who did it.