Let's not forget that the rule is there not only to punish high contact but also to encourage players to avoid potential high contact.
The best place to see this in action is the crusher tackle rule. In the old days, players didn't give a rats about players in potential crusher situations; now they actively try to avoid pressure on the neck, you see it numerous times in every game.
Rules can't be subjective; they have to be black-and-white (someone please tell Phil "spirit of the game" Gould & Todd Payten). Otherwise, sometimes high contact is a penalty, and sometimes it isn't. And that doesn't work as a deterrent and can become blatantly unfair very quickly.