I think the ice halo is a reasonable compromise too, for those who want it.
Here is what I mean by real overkill: picture a full body airbag. Covers everything but holes for breathing and sight. Bulky enough to decelerate slowly.
Deploys if your head drops more than 6". (No deep knee bends. No sit spins. Etc.)
Or even better, it is always deployed. So what if you can't recognize the skater, see what they are doing, or guess their gender?
It can also stiffen around the most vulnerable points of the spine. (Note: Reinforcing specific bones, like wrist protectors, almost always increases the stress on nearby body parts, like joints and other body parts in the same kinetic chain. (See any athletic training manual.) But if the airbag goes out far enough, and is soft enough, there won't be enough stress to damage joints.
Near complete protection! Say, around 10 pounds.
Needless to say, virtually no serious figure skater would wear it!
Yet, typical hockey players carry a lot more weight than that in protective gear. It's often hard to tell which players are male and which are female, etc.
I've spoken to a number of hockey coaches who've never seen a serious injury on their teams when players were in full protective gear. (I'm including full-head helmets, not the ones that just cover the eyes, etc., like NHL players use. And I'm not talking about leagues where "checking" is allowed. Checking isn't sport. Checking is bloody warfare.) (However, some rinks don't require full protective gear in stick and puck practices, and injuries result.)
A decent full-face hockey helmet isn't well designed for figure skating. But it's still reasonably well designed for it's intended purpose. Which is to stop hockey pucks, and, possibly and much less frequently, hockey sticks and hockey skate blades. According to the hockey coaches I've spoken to, they and other hockey gear do an excellent job at what they are designed for. Bear in mind that virtually all hockey players spend
a lot of time practicing falls, and are therefore better trained at falling without injury than many figure skaters. So they don't especially need helmets that protect their heads from falls.