I'd say I'm as well versed in the looting world as anyone. I've been the lowbie looter who is in the right place at the right time and gets a full suit of hell and silent tower and other uber gear, and I've been the hero who died in the wrong place at the wrong time and lost the "Oh my god I'll never get it again!" suit, and just about everything in between. I suspect that most people who post here are similar. We've all experienced it, on both sides.
The thing is, you love to be the former and you hate to be the latter. Say what you want but it's human nature to want to stuff, and it's human nature to want to succeed at something you've decided to try. There will always be the 1 percenters who say "I don't care!" and it's really true, but for the vast majority of us, given a choice, you'd prefer to have cool stuff to use and you'd like to "win" when it comes to individual situations. In cf, that means the vast majority of people would prefer to have better, rather than worse, eq, and the vast majority would prefer to win pks rather than lose them. And in cf, the former is a part (the amount may be debated) of the latter, as the ckath/aulia log showed quite well.
So the question is, are people willing to give up the former in order to avoid the latter? I think in their heart of hearts, the answer is no. People will always want the opportunity to get things, and that's what looting is. Is it frustrating? You bet. Does it make you want to punch the wall sometimes? Absolutely. Would cf be fun if everyone's stuff was safe and locked to your corpse? Nope.