Maybe this will look very different if locks are introduced to go with the key slot we have in inventory. (unless that's only for gates)
It really shouldn't take more than 30 seconds to loot everything off someone's body... but whatever. Why make people wait while you casually take your time looting.
The bags though would be locked. You'd have to have a good lockpicking skill to open each one, which will take time. The bags remain after the body is resurrected so again, folks don't have to wait too long for you after they've already been killed.
You run the risk of a posse getting to you while you try your luck picking those locks, and the dead dude has a chance to get his stuff back... or lose another set of armor.
It honestly starts making the whole death thing kind of a pain in the youknowwhat but such is life... well, such is death.
Would love to see boobytraps introduced as a nice "right back at ya thief!" when bags are opened. Poisons, explosives, angry marmots... etc.