I think many, if not most, courses are probably over designed from the perspective of players who pay the bills. Perhaps if only 10% of players have low handicaps, maybe only 10% of courses really need all those bells and whistles. I think part of it is we are all more visually oriented than earlier generations, and over designing the wow factor can drive rounds.
On another thread, someone mentioned that of the 24 new courses this year, most are built as ego or dream projects of the owners, and of course, they can do what they want, even knowing the adage that the third owner is the only one to make money does apply to golf courses.
I tend to think this gen of gca's is making the same mistake as my generation - designing for awards and publicity for themselves, not for the end user. The other side of that is the theory that all golfers can enjoy the aesthetics, regardless of handicap.....as long as care is taken to make sure they don't affect play as much as they look good. However, there is also an old saying that good design is apparent, but great design is transparent, i.e., you can make a pleasing golf course without a lot of ornamentation.
In speaking with a well known architect in my age group the other day, he mentioned (and I touched on it in a post here) that a great design will survive the next recession fairly intact. I think we can count on logical owners and supers to reduce the fluff to what is really necessary when money gets tight.
It may be that a detailed look at market factors would reveal something. A bit out there, but I am interested in model railroading, which has kept steady in spending, but they worry that only old guys with a lot of money are keeping it afloat, so they make high tech and expensive stuff so we replace stuff with better stuff, not new hobbyists buying new. I wonder if the biz side guys see the same in golf - there is no money in munis to be had because that group will not likely spend more, so they go after the high end of the market where there is a chance to make some coin?