I also agree with you that if SBF is given the harshest punishment then all the fraudsters in the world will burst out of it so they don't want to do anything like that. Everyone will be happy if there is such a punishment. I think everyone will be very happy if some people involved are punished. Because they Anyone who has suffered can easily forget it. I don't know if it will be easily forgotten.
The type or duration of punishment SFB will get might largely depend on how he corporates with the law enforcement agencies. If he fails to open up about his criminal activities and refuses to name his accomplices he might get a harsh punishment if it was discovered by law enforcement agencies. If he also reveals where he kept some of the wealth or money he stole from FTX, it might lead to a lighter punishment.
Harsh punishment tends to serve as a deterrent but it might not serve is a potent restraint because people still commit crimes even if it will lead to capital punishment. But I don't think SBF will get a very harsh punishment because he has highly-placed political connections.