Exactly.
I'm not saying that ending Veishea will end Iowa State, but it is something great and unique about our University, that few other universities can claim. Once a decade misbehavior by a handful of individuals is no reason to ruin this for the entire population. Punish the individuals responsible to the greatest extent you can, and leave the majority alone.
To me, this is just more indication of the excessively paternalistic nature of our society. When so many people support ending this event because one person was injured or "it looks bad" to whomever is judging, it's easy to see how we end up with a government that invades our bedrooms, legislates our bodies, and prevents individuals from truly failing at the cost of the responsible. Apparently, this type of intervention is what the majority of Americans want, and this board falls in line with that.