Ropes are complex.
It’s usually it’s a bunch of line segments to get the bending (both for physics and graphics). That means there’s a lot of force calculations in a row. If you want to reduce stretchiness you need those calculations repeated a lot. The rope wouldn’t just affect the location of the player, but the player would also have to affect the rope.
You might want to employ some fakery to make your life simpler. E.g.: pretend the connection between the top of the rope and the player is a single link that doesn’t bunch up. Then use that information as anchorpoints for the rope, and massage the rope physics to make it look like it’s the rope keeping the player where it is.
But it depends entirely on what you’re trying to achieve. For example, here’s a 2D rope mechanic Tom Francis developed, where the wrapping of the rope is one of the more important aspects.