It is currently possible to get stuck if your character has next to no money (but not zero money) such that using a waypoint costs more money than you have, and die near a contested waypoint, you will be unable to respawn.
Steps to reproduce: Put money in bank till down to 2c on level 80
Go to any event that flags a waypoint as contested, or any perm contested waypoint till an event opens it (like in cursed shore)
Die near that waypoint
Be unable to respawn anywhere.
Current workaround is to have a friend or guildmate spot you some money so you can respawn.
As far as its supposed to work, you should be able to respawn at the closest availible waypoint, but that does not seem to work.