The whole point (excuse the pun) of a league is the final tally over the whole season. Every team in that type of competition that wants to be successful should try to win a match when it should draw and draw when it should lose. That is why so many goals are scored in the last 10 minutes of a football match - the statistics over the entire history of the game will bear this out.
If you have penalties at the end of every match then you will have the "underdog" team playing for a draw for certain as they could win in the lottery of a shoot-out.
Yes, in major competitions like the World Cup where there has to be a winner on the day, penalties have their place. Usually though they only add the "icing on the cake" in terms of excitement if it was a dramatic match with extra-time such as the England v. Germany semi-final in Italia 1990 or England v. Argentina 1998.
Who could say that they really found the 1994 Final , won by Brazil on a Baggio miss, thrilling or memorable?
Finally, does anyone remember the entirely negative win by Red Star Belgrade in one European Cup Final when they played for penalty kicks from the very start? (and prevailed proving there is no justice!!)