Piracy's not rewarding or fun. It takes far too long to find a target, and when you do, they'll either have no loot or run away. Sometimes you can swim over, but then you'll have to sink a ship without using a ship, a difficult task. There's almost never enough treasure to warrant the time put in, I can count the number of times I've found someone else with a fort's worth on my fingers after 2 years.
To encourage piracy, hoarding loot, and actually fighting attackers, I suggest this:
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As many have suggested, treasure should gain value the longer it's on a ship. This will encourage hoarding loot, which makes the game more exciting for everyone. I'd also like a Golden Flag, which marks you on the map, gives off a brilliant mark, and makes the treasure gain value faster.
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Ships should drop a nameplate when sunk. The nameplate can be sold to any faction, the amount it's worth is equal to 10 times the total level of everyone on the ship combined. This encourages fighting your attackers, ensures there's always a reward for winning, and it encourages players to attack experinced ships, not new players. It could be absurd though, so some careful balancing is a must.
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Ships leave a wake that makes any other ships that sail into it go 50% faster. This discorgaes running away, and it adds an extra depth to ship combat. Imagine baiting your enemies into smashing into a rock by making them go faster.
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Fix the number of ships per server. It's supposed to be 6, but it's not. It should be 8, what with the Roar, but if there were always 6 ships that would still be good enough. Right now it takes about 45 minutes of searching to find anyone, which is way too long.