Death already inherently has a "meaning". It means you failed to clear the fight you were in and will need to try again or come back later when you're stronger, the same as losing a life in any other game in history. It is not necessary to give death any more penalties than this to serve its purpose.
Fractured currently punishes death ridiculously severely: far walk distances, resurrection debuffs, soft and hard HP (the latter of which generally takes longer to recover), and item drop. With the exception of walking distances, which are unavoidable given the game's scope, none of this is obliged, and most of it is kind of pretentious.
It is not some profound "education" to force players to waste their time remaking all their gear because they died. It's not a disincentive to die - players already wish to avoid that. It is a disincentive to play at all because the game wastes your time for no reason.
Fortunately, we already know that death and loot drops are different on each planet. On Arboreus, for instance, it is supremely unlikely that any character will ever actually die to begin with, as most Arboreus NPCs will stop attacking when your soft HP runs out and never actually kill you. Arboreus is also the sweetheart planet, so players are likely to be able to find more experienced players to help them retrieve their corpses.
Death and loot drops are thus primarily a PVP concept, where they are more relevant... but still an utterly pointless farce that adds nothing to a game except anti-fun.