no, I've played 11 for longer then it was out in the US and it's annoying to die while trying to get exp to lose it. Even 11 has changed this now, you can't lose EXP below level 30 now I think. This game is also different. You have no EXP buffer once you cap level and everyone would be de-leveling every time you wiped. That would lead to even more of an elitist culture then now meaning that even a party finder would be useless. Also it would mean they would have to remove the gear damage penalty from the game if they were put it in to keep the death penalty from being too great. Which removes part of the economy that was developed for this game.

I guess you don't understand how the current death penalty system works in this game. When you die, your gear gets damaged. meaning you have to repair it. NPCs can repair it up to 99%. But if you wish to trade or sell the gear on the AH, you need it at 100%. So you need to have the skill to repair it yourself or get someone to do it for you. It doesn't totally break your gear in one shot when you die so you can keep trying.

so maybe if you want to have fear of dying, SE can add a Hard Core mode where your gear totally breaks every time you die, and can only be set from the Square Enix Account Management screen on the character. so you have to logout of the game to change it.