I can understand where you are coming from, as I feel the exact same way. However, Sony decided upon this system and will stick to it. The benefits of group debt are, however, much more valuable in Sony's view. Think of it this way in terms of numbers. If (in a party of 6) one member dies and loses 1200 xp, or because its shared, everyone loses 200xp, which is much quicker to gain back. Yet if everyone dies you all lose 1200. Therefore, TPWs will still mean full xp loss, while one member deaths (be it you or someone else) are meant to lessen the xp burden for all.
ie. You might be the one dying next time and someone else might be pissed at you. It works both ways erroden.