It hasn't just limited players intentionally dumping the puck over the glass, it also significantly limits players willingness to play the puck off the glass and out, because in high tension situations they might accidentally go too high and get a penalty. The risk of an icing call would not have anything near the same effect.
This is all just good for the game. More offensive pressure is good, and encouraging teams to make hockey plays like passing and skating to get the puck out is good. The chance of that penalty happening also encourages forechecking, which is good.
The penalty sucks when it hits you, but the risk of penalty is purely beneficial to the game.
I also don't really see the big problem with those penalties in general. Those penalties mostly happen when the attacking team is putting pressure on the defending team, so in that sense those powerplays are almost always "earned".
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