The guys that allowed this to happen will certainly be punished. They played a role in this kid losing his life, and they deserve it. The camaraderie you should be getting from a fraternity is represented in stark contrast here. Unreal.
I was in a fraternity in college, so naturally I represent the minority here (certainly on this site). Before painting with such a broad brush, I'll simply comment that Greek life works very well for a multitude of people. This includes future presidents, CEO's, etc. Not all situations are the same and not everyone is cut out for Greek life.
I went to a commuter school. We had 40K+ students, but there was little life on campus. Most students were working professionals, many of which had families and lived in the burbs. Until I went to my first fraternity party, I hadn't seen that many 18 - 22 year olds in one place since freshman orientation. Fraternity life worked well for me.