"sO tHe MeTa HaS sEtTleD" opener aside, not particularly interested on going on a long diatribe about the various rounds I've experienced as citation for why bleeding out can be a problem for roleplay.
So, I want to actually open this with: I have no issue with the concept of bleeding to death. It is a thing that should happen, for the most part, despite its generally anticlimactic nature of a death and its congruence as one of the most common forms of death with the brainmed version we have right now. It is an interesting and semi realistic form of sustaining damage and then subsequently dying from said wounds. However, (as you expected), I feel it is far too easy to bleed out and die to the rate at which bleedout occurs, and how exponentially deadly the possibility of bleeding out gets as your character gets more wounds opened up. Naturally, it will always be more effective in the short term to just target the head and either cut it off or deal enough lethal brain damage that this sort of thing is not an inherent problem that anyone should necessarily care about. But it is also very viable to be incredibly lazy and just shoot a non-IPC up with a bunch of bullets while focusing on no particular part of the body in particular, and you will still actually kill someone rather fast because the combination of pain, knockout and crippled limbs making it nearly impossible for one character who is rather wounded to drag their royally kicked ass to the medical bay, since it is far more likely they will reach the medical bay by themselves when the server inevitably OOMs before a round can normally conclude.
In essence, I mostly believe "bleedout meta" is a bit overtuned and potentially unhealthy for the game. Sure, it's great that characters can die and all, but the way bleeding out works is that it is practically a guarantee of death if you're in a specific role that is expected to frontline against whatever threat exists, whether it is merc or security officer or whatever - because the moment cult swords or bullets or spears come into play, you might kill the other guy, but omae wa mou shindeiru as well.
So why is it overtuned? Primarily because, well let's just flat out accept this: people die when they are killed, and dead characters don't roleplay nor directly generate roleplay, unlike living ones. A character that has to be hospitalized due to their injuries and cannot necessarily return to their work can still generate roleplay, though there is certainly a number of people who would rather die than be unable to be thrown back into the meatgrinder again. Of course, not being able to be given this option of taking a backstage role at all as the same character after being defeated is primarily the problem I'm getting at here. At present, bleedout meta views the inherent vessel that is a living character as extremely dispensible. It is an uncaring yet just system, it gives and takes from everyone equally. More crudely it takes an equally large sized shit on anyone and everyone who doesn't play a robot given the same situation.
Most unexpectedly, this is far more brutal for the antagonist than it is for anyone else, since you can consider yourself pretty much fucked if you are playing a character that just committed terrorism against mostly innocent people. You either play to die or be sorely disappointed when you die not on your own terms. Again, since "bleeding out and taking too much brain damage to survive" is the most common form of death that people run across with their risky associated playstyles, playing antag is extremely rough right now when you don't have iron (or equivalent substitute) pills in your pocket all the time.
Anyway, those are my points. I have literally no idea how to solve this issue entirely save for one small thing which would only address a small facet of the problem: Bleeding out in two body parts shouldn't double bleed out rate, just increase it by 20-25% or something, so that you don't go from "alive" to "immediately dead" in 5 seconds because someone got a viscerator grenade off on you. Which, by the way, are busted as fuck at killing single characters without a melee weapon that can oneshot them.
Feedback and ideas are welcome. I've been perpetually at a loss lately with brainmed: I personally love it but also hate it a lot. It is something I appreciate as a workable system and yet it has some awful quirks sometimes that make surviving in this game more of a chore than it is a sort of "edge of your seat tension" thing.