Hi! This is awesome from a technical perspective and was initially fun to play. Being reset when I died was a major problem, especially when joining for the first time in the middle of a round and playing against players who already had lots of stuff (at which point one tends to die quickly... and then have to start over).
I'm not an expert in game design (just psychology) but from a hedonic perspective I strongly suspect that you should not be stripping players of assets when they die.
In general, the case for "punishing" a player is weak (why cause the user pain?) and punishing them in a way that makes it hard for them to catch up in a highly competitive game is worse. The "Death" counter going up and losing your current position is sufficient incentive not to get killed, or there could be loss of points, or you could maybe strip off a single distance unit from the bombs.
In the long run you might want some sort of way for early players to catch up quickly, like drops near a player becoming more frequent when they're less advanced compared to other players. Meanwhile, ceasing to strip assets when a player dies, or stripping off only a single unit of distance (not number of bombs, having only a single bomb slows down gameplay a lot) will greatly increase game playability.
Especially don't strip the ability to kick bombs. This makes it far too easy for freshly respawned players to be killed.