I guess there are several reasons for not a great deal of holes just like 17. But I have seen and played on courses that wrap around a lake, and one of them hosts a PGA event (3M Open). The Whistling Straits course for the recent US Open/PGA ? was alongside lake Michigan and had several challenging holes. #12 at Augusta does not have as much water but causes about the same amount of grief. Same with #15. There is a course played outside NYC that has a short par 4 where pros can try to clear with a driver - I see this each year but can't recall the course. Torri Pines and Pebble have a few holes where water is a significant risk on the hole.
As to why there are not more holes on regular courses. You probably need water nearby to fill your lake due to costs (so Florida is ideal as you can fill lakes with rain water and need them for drainage). Then you don't want to be too derivative. Also, such a hole really slows down play and most courses want to avoid doing this. So, really high $$ courses probably have the ability and desire to have more of these.
But I agree, that rough can be overpowered as DeChambeau showed us at the US Open. It still affects lots of shots for normal pros, but if you drive the ball long enough, or over/around the rough, it is no longer a hazard. Pot bunkers still can cause problems as they don't get the nice lie - such as normal on the British Open.
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