Alright, so I'll state first off that I absolutely enjoy Sea of Thieves a whole lot, and I really admire the developers outlook on how they want fairness across the board and for everyone to have even chances and the like.
With that said, I'm going to give a little constructive criticism in regards to PVP - A lot of people have issues with being robbed and whatnot with next to zero risk to the attacking side. Some have even suggested a "bounty" system of sorts, but to me, a bounty system doesn't quite fit the bill of "Sea of Thieves".
The Main Problem:
PVP is fine, but those who engage as attackers have zero risk involved and that's not terribly fair to the attackee, even if they succeed in their affair, they gain nothing out of it other than inconvenience.
So what I raise you, is a little bit more of an advanced system than just a bounty system, that still encourages the spirit of "Sea of Thieves".
"The Booty Locker":
Chest recognition: Enable chests dug up from islands to 'remember' what crew of players dug it up in the first place, and recognize who is actually handling the chest, or turning it in. (In this regard, the chest would know that once it was dug up, it 'belongs' to that crew, but it would also understand that if some other crew picked it up, it was stolen.)
Mysterious Chest: Upon having a 'stolen' chest turned in to one of the merchant contractors, this would spawn a spectral, skull adorned chest on the robber's ship. This chest can be moved anywhere on the entire ship, however, some mysterious curse stops it from being removed from the ship itself, and it must stay on it somewhere. Greed stays with its owner.
The Jackpot: Inside this chest contains half the amount of gold that the robber has obtained from turning in other player's chests. This is not the robber's gold itself, but just an amount of gold spawned from within the chest. The amount of gold inside corresponds to half of the amount that the robber has stolen and turned in.
Sweet Revenge: This chest can be stolen from the ship from players who successfully fend off an attack from a pirate, and can turn it in to a vendor of their choice for gold. This will also increase their reputation with the given company they have turned in to.
Blood Money: With the increasing amount of greed and blood attained from the attacker, this will also raise the spawn rate of sharks, mysteriously gaining a taste for the greedy, corresponding to every 1,000 gold stolen. It will not exceed the high spawn rates experienced by the "Hungering Deep" pre-update.
In conclusion, this would actually create another reason for attackees to either fight back, or for other greedy pirates to hunt down other pirates. The "Booty Locker" would be tracked on a pirate to pirate basis, and cannot be removed until it is stolen, or the enemy ship is sunk, and the chest happens to sink with the wreckage. I understand this might be a whole lot of work to actually implement, but since they seemed so quick on the draw for the Hungering Deep update, I figure they can manage something smaller scale such as this. This does not hurt PvP (as far as I can think of, please mention such down below.) As it is neither a deterrent nor an added incentive at the same time. Pirates who attack others actually still have a fairly close to zero risk for this, and I believe that adding loot in such a manner will further push the whole "Thieves" part of "Sea of Thieves".
If you fail to be the robber, you just might end up being the robbed.

