It is very unlikely we would have it so you drop equipped gear and quickbar when you die. It is also very unlikely you’d lose the contents of your pouch (currency, player tokens, gems) when you die. It’s very likely you will drop the contents of your inventory when you die. Unlike most games, this isn’t everything you own because we’re categorising items (in the pouch etc).
So there’s a big penalty for the stuff you’ve acquired since you last left your base, no penalty on the stuff you’re using.