It is certainly a very contrived hole but then it's a very contrived course given the ponds and spectator mounds and bright green grass and everything else one wouldn't find naturally occurring in the desert.
It's a huge green but that serves to disguise how much slope is in the green (as Jordan's tee shot showed on Sunday, for one). I almost wrote "the green makes the hole," but it's really the green complex because the short grass and contour all around is key as well.
That back left peninsula part of the green, which used to be the Sunday pin, was used on Thursday this week. They've switched it up in recent years, which I think is good, since the hole is much more exciting with the other three hole locations (it's barely even a birdie hole to the back left pin). To that location, many players do lay up because going for it and missing too far right leaves no shot at all.
I don't object to a hole like this where virtually everyone goes for it. As you could have seen even just watching on Sunday, there's still the question of which club to hit, what shot shape, how much risk to take on (even when the hole was ~30 yards from the water), etc.
I've played here a number of times. I'm not an especially long hitter but I've gotten it on the front of the green a few times. Not everyone will be able to but from the right tees most will at least have a chance, if they're willing to chance the water. If you can't reach the green or don't want to try, the centerline bunker still makes you think off the tee and then you have what looks like an easy short wedge in but the green tricks a lot of people because there's so much more slope than you think at first. People who pony up the green fee to pay the course are invariably disappointed in 16, which is a nothing par 3 without the stands, and really entertained by 17, which is a fun hole that makes you think no matter how you approach it.