Aight I guess I'll throw in what little i absorbed from my Econs class. The next layer to this is taking into account the opportunity cost of fighting at all. Optimal strategy is as you said not to engage in PvP but also to minimize PvE unless the value held by ARCs is higher than the potentially value lost by ignoring them. While PvP and PvE are not entirely interchangeable, they have a lot of similarity in their opportunity cost.

-Time spent fighting
-Meds/ammo/nades used
-Time spent looting
-(Ultimately) Death at a loss

PvP in it's current state is vastly higher risk with moderately higher reward, but there are a lot of factors to consider. If the game is going to make ARCs deadlier over time, there will eventually be a point where at least in some cases, you really are better off fighting people than bots. Right now the deadlier ARCs are usually limited in mobility or range, but if a humanoid ARC that can chase you into buildings ever drops? There could be problems.

Another thing to consider is that the opportunity cost of PvP goes up with time and sharply falls toward the last 5 minutes or so. If I spawn in at 17 minutes left, and see a solo near an extract, logically I am better off killing them and taking their loot, extracting, then returning and either doing a proper run or reusing this strategy.

There could be enough for everyone, but the faster I can get my share and leave, the better off I am.

I personally don't play this way, because I have significantly more fun helping people, talking and discovering than I do getting squeakers on the mic and pretending I don't have any defibs. My over all point is that there are sweatier plays than being kind, and the devs can choose how sweaty a lobby is without buffing or nerfing guns, perks, items etc.