Very sad... I'm fan of racing is many forms but would never advocate it needs to be stopped because there is always risk and the participants accept that risk. In the end, with safety measures to mitigate risk, the benefits of yacht racing (and many other forms of racing) outweigh the risks.
Personally, outside of inshore and close to shore cruising or racing within a defined course, I probably will never sail alone. I've done tons of sports solo, like cycling and back country hiking... and it just isn't as fun without friends. I just see sailing as a sport where sharing with friends/crew has the greatest value. I know this sailor wasn't solo, I'm addressing the risk of single hand adventuring or racing.
Touching on what Jackdaw said about the circumstances of this particular event, i.e. in particular the 'pay to play' aspect... I've seen this first hand in other sports and the results are often fatal. I have several examples in Mountaineering (the Rock and the ICE kind), but most recently with GP Motorcycle racing. Rich guys write checks for very high powered motorcycles and think they can drag a knee like the rest of us who have been doing it on a shoe-string budget since we were 11 years old... Typically we spot these guys early and manage to keep them safe on the track by keeping them in the beginner group and followed closely by a coach. Occasionally one slips through the cracks and gets on the track with more advanced riders... they eat it bad and unfortunately end up taking other riders out when the bike slides across the track. It doesn't happen every day, but when it does the results can dramatic... Sadly there have been fatalities, but most often these occur on public highways when the rider has an even greater inflated ego after one track-day and ends up as road-kill. We all know as well it isn't just the rich 'pay to play' guys on Ducati's and MV Agustas doing this, the young guys on the cheaper Japanese bikes are the primary offenders.
Anyway, I hate to say it, but... I don't want to see ANYONE get injured or especially killed in any sport what so ever... but I really just can't have much sympathy for the 'pay to play' crowd seeking thrills and status in expensive endeavors that the mere mortals cannot afford. For comparison, a 'ticket' to climb MT Everest is north of $300K (last time I checked), and that mountain is littered with bodies...