Dying because of hitting a wall with an elytra deletes your equipped items

I hit a wall with an elytra less than 30 seconds from my spawn point. Upon retrieving my items, I found that all of my equipped items, those being: netherite armor, the elytra itself, a shield, and the fireworks in my hand, all vanished. I mined out the surrounding area in case they had somehow glitched into the wall, but they were actually just gone.

Losing items as tedious to get as elytras and netherite gear to something as stupid as this will one hundred percent push players away from the game. Upon researching what happened, I found out that this has been an issue for years now.

This is unacceptable, and absolutely needs to be fixed.