It's a fanciful idea, but just like the real life analogue it models, it completely turns a blind eye to the fact that, ultimately, the pirates are looters and pillagers and will burn the shop down, both yours and possibly theirs.

And no I don't agree a pirate captain is needed; the notion of a "static" equilibrium is contrived and a non-sequitur in the analogy. The ship could simply sail smoothly instead (still an equilibrium) without arbitrary changes in speed or going too close to the reefs for no bloody reason.

And if the "chaos" is "strategic", then it's not bloody chaos to begin with, is it?