> humans, for the most part, only tend to self regulate if they understand that the consequences of their actions are negative enough.

I agree with this. But I don't think it necessarily needs to be consequences to themselves that they understand. Coming to understand the consequences their actions have had on others can also effectively chnage behaviour, and can often turn past offenders into very effective advocates against the crime they committed.

That isn't necessarily to say that I don't think there should be consequences for the perpetrator. Just that I don't think it's the only way to prevent crime.