I've seen a few people wondering how respawning fits into the narrative of Destiny and I think I might have a possible answer. The Ghosts come from the Traveler right? Seems a bit of a forshadowy name on its own, but could it be possible they are able to reanimate or revitalize corpses? Our Ghost just finds us chilling outside the wall leading into the Cosmodrome and revives us, whose to say it didn't just happen to find some random dead body? Our character speaks a little bit, but there doesn't seem to be any real indication of them having backstories, so maybe the Ghosts breath life into bodies they find by tying themselves to said body and granting it the power of the Traveler and make a new person as a result. Upon taking enough damage, perhaps the Ghost converts our bodies into some form of energy and puts it in stasis, explaining the point of life a dead player becomes. Would be convenient for the Traveler to be able to use the dead as its own guardians. Just a thought.