There's nothing crazy about 200' on air, aside from the speed with which your deco obligations accrue. It's not so deep gas density is a big issue, nor is the 1.48 ppO2 huge, and the narcosis is generally quite managable. There are lots of good reasons for inexperienced divers to stay away from diving to that depth, but it being a "crazy adventure" isn't one of them.
Totally agree with you, doc. I've logged about 40 dives between 50m/164 ft and 62 m/203 ft on air, none of them done on the crazy or jackass mode. All the posts have been focused on PPO2, being narked, and wob, with good reasons, but I'd like to add something : water and diving conditions.
More that 90% of those dives I've done deep on air where made in the Med, during summer, in clear and rather warm water, and after many dives in the season. Sure, I was narked during those dives, but never incoherent or whatever.
But I would never have dream of diving so deep on air in the Atlantic, which is almost always below 14°C/57°F and often as dark as Hell where I live. On those dives, I much prefer trimix to avoid crazy adventures. I remmember one special dive on air in such conditions : I was pissed narked, not incoherent but on autopilot and couldn't remmember much of what I've seen. That's my point : with tougher conditions, you get narked quicker and stronger.
As far as why deep diving on air still exists in several training agencies, I should advise you to take a trip to old Europe :most of the time the real problem is not the price of trimix, but the fact that trimix is not avaible, except for trimix classes. So, basically, you can learn to use it, but not dive with it... So, as I can get my own personnal mobile filling station, I do certain dives on air.