It's been tried, and was a dismal failure. Too many disagreements about where the original was lost (of course, if one knew where it was lost, it wouldn't be.)
From a rules perspective, given that the ball is lost (i.e., we don't know where it is) there is no logical place to drop a replacement ball. The only logical next step is to return to the spot where on last played and start over.
As for the penalty shot, it is not so much a punishment to the player but a concession to one's opponent or the rest of the field because of the player's error.
The USGA, R&A, PGA, PGA Tour and other interested parties have been round and round on this one over the last fifty years and find no better way of handling a lost ball or ball out of bounds. (A ball out of bounds, since it is not on the course, has the same status as a lost ball.)
The sad fact that many people do not follow this rule is no argument for changing it. Following the rules is optional, and if some people find that not doing so works for them, so be it. Many people choose to not follow lots of rules, so using that logic would lead to chaos.
In this circumsatance, it would be better for one to understand how to use a Provisional Ball- one can play under the rules, applying all the provisions of stroke and distance, and maintain an acceptable pace of play.