I can't think of any game which doesn't have a designated field or playing area where such a limitation affects the play. Golf is a game of holes played on a course. A hole is a designated route within the course, and the course is confined to a specific area of land, even if there isn't any particular size or shape required for the layout. Putting some sort of boundary on a hole or on the course is just simple logic - it defines the area where play is allowed. Crossing that boundary puts your ball out of play - again simple logic. Every game has different treatment of the boundaries of the playing area. In tennis and baseball, the ball must hit to ground out of bounds to be out of play. In football, the the play is over if either the player with the ball or the ball itself touch the ground out of bounds. In soccer, the team loses possession if a player kicks the ball out of bounds.
Golf is actually more forgiving than those other games, as the ball must come to rest out of bounds in order to be out of play. If the ball rolls through the out of bounds area and back onto the course, then it is still in play. The ball may be touching out of bounds and if even 1/16" of the ball is still in bounds, the ball is in play. The player may stand out of bounds to play a ball which is in bounds. That sounds eminently fair to me.
If I hit a ball toward a boundary line or fence, I play a provisional ball. It's automatic, just as it should be for every player. It only takes a few seconds after the rest of the group has hit to play a second ball. Just because Jack Nicklaus thinks the rule is wrong doesn't make it so. He is partly at fault for being the designer of so many golf residential developments with out of bounds bordering both sides of every hole. Jack is still just a player, like the rest of us. The best answer is to quit building those courses that wind through residential communities, or if you don't like it, quit playing that type of course. There are plenty of the old style parkland courses around which only have out of bounds around the outer boundary of the course. Or play a shorter tee when you're at a course with tight out of bounds so that you don't have to play driver on every hole. You have other options than changing the rules, and that is exactly how the joint rules committee would approach the topic.
My home course has out of bounds in play on only 4 holes. You never see anyone complaining that it's too penal there. The course complex was built for golf, not for development. There are no homes fronting on the course. It's a good, fun golf course, which is why so many of the guys I play with have, like me, been playing it as their home course for 20 plus years.