Bunkers are great in both creating visual interest and playing options/demands.
But, bunkering is far over-used at the cost of many other cool features which do the same thing, Sean,
Completely agree with your first sentence, it is not just about what is in the bunker, as that should not be any golfers aim( apart from the ridiculous situation of a PGA Tour Player yelling "get in the bunker"), to hit their shot into a bunker. For me, a bunker first and foremost prerequisite is on the tee or fairway, preparing to hit your shot, to make the golfer question himself, his shot choice, and provide some doubt and some challenge in getting himself into the best possible position to make his next shot. The condition, look and style, should always be secondary to the initial function asked on the tee, or on the approach, etc
To your second sentence, I am sure that many courses are over bunkered, and over water hazard-ed for that matter, add over watered as well!
- what I would like like to see you expand on is the "many other cool features which do the same thing" - can you give some examples of this Sean, in particular, cool features that are clear and obvious from the tee or approach shot, can assume you are not referring to hidden fairway wee burns and the like.
Cheers