In my opinion, other than completely natural bodies of water like oceans and lakes, the most interesting use of water in golf is in very small quantities and interestingly arranged such as quite narrow streams and the like, and the narrow bands of water in GB burns and such.
The idea is that it does come into play but the quantity of it is small enough in relation to safe areas that it simply gets in one's mind or makes any golfer say to himself either;
"Damn, there were all kinds of ways for me to avoid that."
or even;
"Damn, if I actually TRIED to hit it into that thing I probably would've avoided it."
Frankly, and for a few years now, I've been dabbling with the same thought regarding some bunkering.
The idea or theory is to make golfers better able to take responsibility for their own actions. This is something which tragically seems to be going too much the other way these days.