Here is how it should work: certain classes(lets say Smuggler and Agent) have this "pickpocket" ability which they can use on any playable character. If the ability fires successfully, they get a random piece of loot that is auto-generated by the game. To be clear, this is NOT taken from the other player's inventory, it is just a random loot roll.
HOWEVER(and here is the fun part), if the ability fails, then the smuggler or agent gets their PvP flag turned on for the person they were targeting, and the person they were targeting gets first attack if they choose to attack. If they do not want to attack, then they can just ignore it and go about their business.
that was how it works in eq1 except for the pvp part as pvp was limited to only pvp servers. however when the rogue failed ( got caught) the npc would attack you. since the rogue was one of the many terrible soloing classes getting caught by a npc ment death usually. there was running away but in eq1 mobs didn't leash back but rather followed you until you either died or zoned. for the few plat you would sometimes get it wasn't worth it. npcs gave a lot more coins as pcs would only give silver or gold pieces. once you failed on a pc you couldn't do any more for sometime I think. over all it wasn't done much except for giggles.
for those of you that want this for roll playing you can just make a emote yourself. I did such during raid afks in eq2 and on few occasions in this game.
here are examples of some of my favorites
/e pick pockets bobthehealer for (large number of spaces) a lint covered gummy bear
/e offers bobthehealer a lint covered gummy bear
and another one
/e pickpockets bobthehealer for ( large number of spaces) a wrinkled up piece of paper with a girls name and phone number
/e places the paper in his pocket and looks for a phone.
your imagination is your only limitation. I wouldn't recommend using credits or a link to anything in your inventory ( works well in this game to make it look even more real) to a total stranger unless you want a barrage of tells calling you a thief and to give it back. ( yes it has happened )
too bad we cant make a macro for such in this game too