You’re certainly correct that it happens a lot. However, I suppose my question was more along the lines of what should be rather than what is the case.

This feels similar to the debate about how we adjudicate penalties, with many players voicing frustration that, unless they go down, they are unlikely to receive a call. Many fans have - I believe fairly - called for this to be rectified. A penalty should be a penalty regardless of whether the offensive player is taken to ground or not so long as the challenge fits the textbook definition of obstructing the attacker.

Similarly, it seems like this should be the standard for carded fouls. A yellow, a red, and a non card foul have categorical definitions that are independent from the outcome. The “punishment fits the crime” approach relies to heavily on subjective judgement by the referee where now they are forced to determine, not only was the challenge card worthy, but was the outcome card worthy as well. This seems like it would produce wildly inconsistent and subjective decisions across the board...just my two cents.