I personally am of the mindset that missing should definitely hurt your score and PP but in a way that makes where you miss less important than how many misses. The thing that gets me is if a song is 700 combo long and you get a 500X combo but miss 10x in the last 200 notes the score will still be worth more than a play where you miss just 1x but at 350x Combo.
Out of the 4 game modes I'd say Taiko PP calculation is the closest to being right even if the score calculation is a bit off. Taiko PP calculation goes based on Accuracy and NUMBER of Misses instead of Combo. So regardless if your miss is at the beggining end or middle of the map it will be an equivalent detriment to your PP.
Score adds in the element of hurting you less if you miss a couple notes in a row to get back on the rythmn vs missing a few notes spread throughout the map as once you are at 100x combo your score increase has capped out. The main problem with the score element is that it makes where you miss become important again as if you miss in the first 100 notes or last 100 notes it hurts your score less. Also the number of Big notes in the section you miss and also whether it's a Kiai time or not affects how much detriment the miss has to the score which I think is a flaw.
CTB scoring and PP is same as standard where combo is the most important thing
Mania on the other hand is too lenient on misses as it only resets the bonus point meter. The issue with this is the miss really only hurts if you are at a high acc play and even then once you get past 800,000 points on a map the PP increase above that starts becoming trivial making a few misses in the song not matter as much as 500,000 of the score comes from raw point value anyways and it only takes 100 points of bonus to get up the max anyways so getting that 300,000 from bonus isn't all that hard.