It ruins my experience altogether. Doesn't help that I'm practically a sitting duck, still leveling up skills.
I most recently came from Elder Scrolls Online, and on that all PVP is consensual. The problem is, people can still fuck with you, you just cant attack them unless they agree to a duel. And even then there is no looting.
This means you are completely unable to punish someone if they want to mess with you. It also means there is no element of fear or excitement when you venture out. As a result ESO never lived up to UO. It felt lifeless in a way.
If you just cannot stand being PKed, then honestly UO isnt for you and it shouldn't be changed to suit you. That kind of stuff is what ruined OSI UO.
It's not like it's just you who gets Pked. Everyone does. You just need to prepare accordingly.
Join a large guild/make friends
Be prepared to recall/have hiding skill
Be ready for a fight with pots and trapped bags, etc.
Carry little of value with you and make constant drops.
And more. There is loads you can do.