Assuming one lies there in 1, with a chance to go for the green and get eagle...at great risk no doubt...isn't this the essence of risk/reward?
I think for a true risk-reward hole the risk has to be worth the reward, or they have to have some semblance of balance. This is beyond risk-reward, it's beyond even a "hero" shot unless your heroes all come from the Marvel universe or something.
Again, it's 200 yards, uphill ~30 feet, to a green that's ~30 feet deep, with trouble short and long. It's stupid. And for what, a chance to get up and down for birdie? You have better odds of holing out for eagle or getting up and down for birdie - while almost removing bogey and double from the equation - by laying up out to the left with a 7-iron.
Especially given there is ample room to layup to the left and still have a decent chance at birdie.
That's the only sensible play.
200 yards would even get this hack considering it, as opposed to a 250-260 shot where it would just be an automatic layup with no dilemma.
I don't think you're picturing the hole well. The green is three stories up and you don't see any of it. Sometimes you can't even see the flagstick IIRC, and all you're staring at is sand with a staircase to help you get into and out of the bunker.
Overall thou, I don't see how this is fundamentally different from any other par 5 which asks for a precise shot to get the eagle, with a massive penalty for failure. Would you criticize ANGC 13 similarly with so much trouble around it?
13 is nothing like this, if for no other reason than that the 13th green at Augusta is over 4,000 square feet larger than the 11th at Tobacco Road and, you know, is actually visible from where you're hitting your second shot.
Edit: Remember that photos and cameras in general flatten things considerably:
Again, the risk-reward has to be somewhat balanced. Here, it's not even close, and that's for a better player playing the hole. Note the staircase in the right side of the bunker - the back wall of that bunker is almost vertical, and your ball if just short rolls back to 40 yards, with 15 or 20 feet below the level of the green. And because the green is 30 feet above you, your ball comes in very flat and bounces well over the green, unless it's sopping wet I suppose.