I believe we are going to at some point have an island of our own that we can visit and teleport to with any crew you have that can explore it. When I talked to one of the new Sovereign characters about their stay in the Sea of Thieves, he explained something that is hinting at private islands.
Sovereign at Galleon's Grave Outpost - "I jolly well am not! The food's dreadful, the rugs are threadbare and the smell! It's a far cry from my glittering jewel of a private island. You can only reach it by a special diamond coracle."
There is also the wall area next to the tavern door at any Outpost where you can place trinkets on, could that be hinting to us having a private island to decorate with trinkets and not just our ship?
What I think the player islands should have.
Trophy Room - A collection of enemies, monsters and bosses you encountered put on display, like the Ashen Lords or Rathbone skulls placed in a glass box, or an eye from a Megalodon.
Character/Bestiary/Story Books - A library study that chronicles the people you met, enemies fought and the adventures you had.
The Vault - A room that holds all the gold you collected in piles of jewels and coins.
Viewpoints - The island would have beautiful areas, having views of the ocean or your home, and also maybe with a balcony for you to gaze out into the night sky with a spyglass.
