I don't see why it's so unreasonable for Palmer to have a public identity. He's a , I'm sure he can afford some extra security at his public appearances.
like
Mikelus said it's better not to endanger them/ the public from the get go & look how fast oliver lost his money yeah he's a billionaire not a millionaire & just cause your ether it's doesn't mean you can't loose it all or toss all to the street and never ever run out or you'll ever lose period .
that's also not a guarantee that your body guards which you obviously didn't give your High tech gear or weapons to which you've most likely saved for your self alone, cause you never know which of your own workers will go bad on you .
Ray isn't tony stark he's not a former merchant of death that realized his stupid mistake ( his ego was in the way of ever chose he makes) dropped everything like running his company to take back all his tech that he put out or will be potentially stolen which tony also had to do which tony left all those public talks to pepper pots or when he does show some to event's stuff happens like with whiplash during formula that one event which starks security couldn't stop it at all til he him stepped in, but that still doesn't stop people that came to enjoy the event of racing from being put in the hospital cause the person that attacked the event did it all to make tony pay with the publics lives .
see the issue here ? Sorry some times public Identys make things worse the only ones that are truly thrilled by them are certain writers cause it allows for more chaos cause the hero really wasn't thinking straight or is both to jerky & stupid socially to have that thought come into his /her head & events like civil war happen where they become the villain.
All cause it's controversial which some certain writers love. Now in some cases it's good to explore this so you see what it cause's you & "say see the mistakes here? but not everyone or character in this case should do it
which alot of writer's are starting realize doesn't fit every character half & half fine it fit's some character but other have to take a different path do to how they live their lives but for alot of other characters it can be restricting ( they can only used in certain types of story's due that ) or just doesn't at all if they aren't fully in the same position .
everyone can't be tony stark.
They can be like Micheal Jordan though.