Piratez current bravery/morale system is in fact much less difficult (especially on higher game difficulties) than vanilla.
It gives certain (often counterable) penalties for stalling the combat, but at the same time -
1) It gives you much less panic waves, as long as you're not hand-picking your soldiers to have exactly the same low bravery stat. Different bravery values result in soldiers having quite different morale levels at any given time, and thus situations where all your soldiers are low on morale at the same time happen much less frequently.
2) It opens quite controllable ways to train bravery - such as having one coward soldier often panicking and forcing morale checks on other soldiers, thus getting them a chance to increase bravery. Or just plainly using high stress armors for an easy battle to get more morale checks.
Current system might be, in fact, a bit too favorable for the player
But then again, enemies are using the same system, and it gives them #1 benefit too.