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My take...
PC fouls often involve a player who is also a shooter . The no FTs/cancel the shot provision balances the penalty with the penalty of a defensive foul: allow the bucket/award FT(s). Either side has a similar amount to gain from the incident. To send the defender to the line and cancel the shot would be a double penalty. To allow the shot would not be equitable since it wasn't made fairly.
For non-PC fouls, with FTs only awarded if in the bonus, each foul provides each offended team with the same opportunity going forward.
I think the penalties are balanced to fit the larger situation rather than based on the contact alone.
That said, I could easily justify not awarding FTs on a non-PC offensive foul. These two possibilities of rules are both valid and have reasonable arguments for being equitable.
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