Sanguine TBM, your suggestion would see a sharp increase in cynical fouls. This wouldn't be good for the game. Simple as that.
80th minute, cup tie, team is 1-0 up. Opposition attacker breaks through the line into the box. Why wouldn't a defender bring him down?
If they miss the resulting penalty, the team that is leading only has to play 10 minutes with 10 men. If they score - well he was through on goal and likely to score anyway. Risk worth taking and they have 10 minutes with 11 men to try to grab the lead again.
A penalty and a red card isn't 'punishing them twice', it's one punishment.
Last line - every foul is essentially punished twice. The free kick of whatever form and then the individual gets a talking to or a card or reacharound or whatever.
In some cases, many, many small niggling fouls will lead to a booking for persistent fouling. The one foul that did it might not be a yellow.