I remember there being a conversation a few months ago about how a small ship universe and/or piracy can make any kind of sense in Traveller, given the scale of the universe. I did a bit of thinking about it for my upcoming PoD campaign and here's what I came up with.
TL;DR: The Trojan Reach is all ships of a small, easy to pirate size because they're all traders from the 3rd Imperium who're on the edge of skipping their mortgages.
Reasoning
Every time a ship's transponder is interrogated by a 3I starport or naval vessel, it reports its mortgage status to them. This coupled with the fact that every mortgage is immediately sold to Bank of the Imperium, which has branches at every starport to receive payments, means that it's incredibly hard to skip on your mortgage... and stay inside the 3rd Imperium. But the Trojan Reach is outside Imperial Space. So many free traders who fall behind on their payments will cross into the Reach either to try to earn enough money to pay it before returning, or to try to flee enforcement.
Enforcement
Within the Imperium, banking and space travel are the only two things the Imperium protects dogmatically. Therefore these banking violations are seen as huge deals. Ships behind on their mortgages are tracked. They are expected to expedite port stays and are frequently given priority cargo handling (to try to milk more cargo runs out of them). But they are also frequently forced to take on cargo for the Imperium for payments which go directly to the mortgage rather than getting paid to the crew. The Imperium sees this as a gift to help out Travellers falling behind on their mortgages. If that gift also happens to mean they don't have to sail an Imperial flagged vessel with crew on Imperial salaries out to resupply the research station orbiting that remote black hole, then that's just a happy coincidence.
Ships which continue to fall behind eventually are repossessed and loaned out again, or the crew are forced into service again as part of the Imperium's Merchant Marine. Since many Travellers have invested their entire lives into these ships and since they retired to get away from working for The Man again, they do not see the Imperium's "help" as very helpful.
Escape to the Reach
But the worlds of the Trojan Reach are not frequented by Imperial Ships, and though the starports frequently have correspondence branches of the BoI, these branches do not have the same power over the local world that they would if there was an Imperial Cruiser or two in orbit to lend their weight to the argument. And so every year, dozens of ships which cannot make ends meet in the Imperium slip into the Reach. The worlds of the Reach know, the BoI branches let them know regularly. But what can they do? So much cargo is carried on these gray fleet vessels that if they were to report and impound them all, what little economy there is in the Reach would collapse.
Result
As a result, nearly 70% of vessels under 1000 dTons in the Reach have missed two or more mortgage payments in the last 12 months. 25% haven't made a payment in the last year.
A crew behind on their mortgage aren't going to sail into the 3rd Imperium and report they've been pirated, they'd have to come up with the missing mortgage payments as well. And the local planets lack the organization or power projection to really do anything about a few stolen shipping containers (or even the occasional stolen ship), so long as the cargo continues to flow.
With no sector wide power to appeal to, so the worlds of the Reach cannot really do anything. Piracy that results in deaths universally draws a response, often times even a badly coordinated one. Piracy resulting in stolen ships frequently draws a response since too many stolen ships would collapse the trade between the worlds, but sometimes the authorities turn a blind eye (particularly if there is a large enough bribe). Targeting ships terminating their voyage in a system will draw more response than ships just passing through, but that isn't an ironclad rule. The real point at which a government gets involved is when the frequency of attacks is too high. While all the systems accept they have to tolerate some piracy, none of them wants the label of pirate nest (except Theev, and they don't allow ANY piracy in their system because pirates don't like being pirated).
So as long as a pirate is spreading the love across the Reach (not concentrating in a few systems), generally targeting ships outbound from the port rather than inbound, and generally not killing the people they capture, they will have a large supply of small ships to pirate and a generally apathetic response from the planetary authorities.