Dan, You ask a great question. Since I'm a Pebble Beach bum, I can tell you my reasons.
The seventh at Pebble Beach is quintessential because it's many things. Much more than it's full 107 yards downhill, essentially surrounded by bunkers. It's character ranges from the beauty that encompasses you, to the tricky beast mother nature can be. Being out there on the point, which is where the teeing ground looks down on, is easily one of the most spiritual places for golfers. The majority of people who pass are easily hypnotized, rendering the golf secondary. Throw in a tricky green to read and you have the kind of place someone, anyone who has a sense for the moment, will relish every nano-second of and yern for another go.
Thats what makes that hole great.