Byran,
I think its possible, as others have said. It probably goes back to Augusta and Jones. No need to punish a 180 yard tee shot. If you can't reach the green from there, its penalty enough. Which is why most hazards are in the prime landing zone and I predict the now popular idea of random bunkering will slowly become less popluar, (as it did starting in the 30's when Tillie took out the "Duffer Headaches) How soon we forget!
As to how hard penalty ought to be, for some reason I am thinking of an old comedy where they are shooting a man, while a banker explains to his distraught wife that "There was a substantial penalty for early withdrawal....." Except for a few courses, or a few instances per normal course, harsh penalty in a recreational game seems inappropriate.
In golf terms, how much do you need to punish anyway? In match play, one stroke per hole is certainly enough, and in stroke play, no more is needed or poor play can pile up a score.
There is also the idea of recovery. Should a hazard preclude recovery, at some point the risk is too much greater than the reward, and golfers shy away from it. IMHO, if a golfer thinks he has a 67% chance of getting out of a hazard, he will challenge it. At 33%, he will not. Anywhere in between his risk taking will be match status dependent. Generally, focus on extracting stern punishment doesn't seem right in golf design in too many instances.
And yes, I think that a course where a golfer could play safely all day and take bogeys (or doubles if he is an average player) is generally well thought out. As with the above, a few do or die holes are certainly in order....and there are always going to be other exceptions to the general rule.