Running as a form of punishment for performance is ludicrous. I'm going to try to play better because I don't want to run laps? If that's your motivation then play the flute.
Running as a form of punishment for behavioral issues or effort issues is a different story. I don''t believe in it, but I see the use of it for some coaches. Guy is late to practice, the team runs, that guy won't be late anymore. But, I think running as punishment is what teams do who don't have a set of standards that the team believes in.
I played for a coach who didn't need to punish us because we had a set of standards that you didn't want to break out of embarrassment and fear of upsetting your team and coaching staff. That's a real program. Not a team that has to run because Johnny made an error. That running goes in one ear and out the other.