I guess I don't understand Tom's answer.
Since many podunk little towns in the Rocky Mountain region have golf courses, they must not be that expensive to build.
Since the Rocky Mountain region is quite arid, unirrigated rough offers very reasonable recovery options.
The reason there are few highly rated golf courses in the Rocky Mountain region simply seems to be to be a factor of population density.
No and no. Podunk little towns in the Rocky Mountain region with golf courses tend to be ski towns, and the land cost within 45 minutes of a ski resort is MASSIVE. I've played many courses here in the CO Rockies, and in general, when your ball departs the irrigated/maintained areas your ball is gone/unplayable. Sure it's arid, but that just means the ball runs through the sparse parts into sagebrush, various bushes, pines and the the like.
The problem with golf in the mountains in my opinion is:
1) Cartball only is the rule, not the exception
2) Forced carries and hugely elevated tees/greens are the norm
3) Native areas are death, worse than desert golf
4) Prevailing slopes make creativity difficult. You either have to have a hole benched into the overall slope, or a hole that plays up or down the slope. A few of these holes in a round are fun. 18 of them is annoying.
5) Altitude makes them play short, so designers tend to make them play narrow too. Narrow=not fun.
6) Even among the good ones, there are always a few terrible holes crammed into the property somewhere due to severity. Even Eagle Ranch in Eagle, CO, one of the flattest mountain courses you'll find, has a couple holes shoehorned into the property.