Right now or at least when I got wanted, it was very hard to get unwanted and way more difficult then it was worth.
I think that a better way for the wanted system to work is that when you get wanted, you obviously lose faction reputation. Then, a number of ships are called from that faction to fight you. It tells you the number, maybe saying "5 {faction name} ships inbound". Then, these ships jump in to fight you over a period of maybe 20 seconds. (maybe called from the patrol ships in the system) When you defeat the ships or run away, you are no longer wanted.