Mike,
You really think golf and golf marketing started in 1969? That Ross, Mac and others weren't celebs? Or RTJ and DW in the 50's? I think it was all a long, slow, and probably inevitable evolution of thinking. Was all of it right? Of course not. Is it easy to sling mud at what went wrong? Of course. Plus, "It" isn't one big conglomerate, its literally thousands of designers, owners, people, tech, and golfers, and literally millions of decisions on where to play golf or buy homes.
I would be surprised if you of all people here would suggest some sort of centralized planning to "steer golf in the right direction."
With over 2/3 of the courses built since your 1969 date being public, I wonder how many were extravagant and I mean real stats, not just our focus on the top end? For instance, exactly how many of the 5-9,000 courses built since then (maybe someone can make an exact tally) actually have waterfalls? I would say no more than maybe 100 tops, or what, 2%?
And, how exactly does housing subsidizing the construction of golf, leaving it basically to make money on ops, make it unsustainable? Golf itself is hard enough to pay for, as a game, masquerading as a biz?
Short version, I think we should take a longer view.