If almost nobody in any group abuses death penalties (to hear it told), let alone finds occasion to use them in the first place, I say: Let them stand! (Nevertheless, 'house rules' will always tweak or dispense with altogether the disliked bits according to group tastes.)
Two thoughts:
1. Numerous "older" fantasy, swords & sorcery, and other genres included gritty tales of wonder and woe that proposed certain experiences whose depictions may have fallen from favor over time. The prototypical experience of weakened heroes in the aftermath of tangling with horrifying undead, or else being imperfect in the aftermath of being raised (like a Frankenstein's monster perhaps) spoke to the results of supernatural injuries or recoveries after having died. If the consequences are "just" variations on a theme of inconvenient encounter results, there is something perhaps unique lost from the full palette. This is where discussions of art and science in other threads shed light on gaming aspects: in this case, the mechanic captures an experiential process which quite reasonably results in character angst at the implications.
2. Leading to: There is a school of thought which states that excellence is developed by experience (over time). As contrasting examples: some universities have a pass/fail only (or even no grade at all) measurement system, whereas others have some accredited grading scheme. I subscribe to the theory that including some challenges with terrible consequences in the full spectrum of possibilities is beneficial to players and their characters. It is a type of mechanic which ought to be specified regardless of whether it is actually used. The rules designers could even specify 2+ levels of consequences and implications in the game for DM's and players to choose.
I am glad the challenges I have faced and even run afoul of included the potential for serious consequences. The tactical side puts a weighted value on certain actions, goals, places to visit, spells and items to select, etc. The role-playing side enjoys a verisimilitude in that--even though it is fantasy--it is similar enough to familiar concepts of life and death, risk and reward, failure and consequence, that the struggles to return can become as sagas because of the difficulties (as when Cugel is flown away to a distant land, a king is banished from his throne, a party lands in Limbo due to a misfired spell, and so on). [Or perhaps more pertinently, when Jack in Jack of Shadows by Roger Zelazny must fight his way from the dung heap where dark-siders are reincarnated, past soul-sucking dangers though wastelands patrolled by enemy forces.]
There is an entire sub-system of effects, abilities (by certain undead or extra-planar creatures), magic, and consequences which are bypassed without the more-serious-than-other-effects of death: requires break enchantment; requires dispel magic; cannot be raised; cannot be resurrected; is lost forever... The Sphere of Annihilation. Stormbringer?!
I personally want integrated mechanics which handle certain fictional narratives. I fully respect when others do not want the same mechanics. But I appreciate when game designers in their element and according to their fortes build in something--especially with official or suggested variants--so it need not be extensively home-brewed.
Disclaimers: Also, even prior to reading the recent posts and adding an additional comment, I thought of mentioning that I have raise dead magics set at easily a 10x multiple--it is a big deal to choose to do that. And people do sell and borrow to bring back a treasured character. Players in my campaigns do not "burn through PC's" at all. They have bristled in the past at the penalties, but have become better tacticians by using increasingly effective choices and timings of abilities, actions, situational awareness, manipulation of opponent motivations and weaknesses, etc. And then there is "True Resurrection"!