Are you saying captains did not have to pay for repairs to their ships IRL? True, but would you prefer there be a limited amount of ships in the game and some admiralty distributing them to you based on your status as a noble and abilities as a captain?
You have to set limits on just how realistic you want a game to be, but shooting a ship 'till it sinks and then boxes of magic loot popping out is a little too arcade-y in my book. There's games like Windward for that (which is really fun, but completely different).
In the end it's all a matter of opinion anyway, but I sure hope we'll never see anything like it in-game.