Allowing penalties to be reviewed doesn't remove game changing power from the refs. It just adds another layer where they could get it right, or get it wrong. It sucks they made a bad call like then in the UF/Ark game, but that was an extreme example. What about a personal foul that gets called that could go one way or another - how do you review that?
The only penalties that should be reviewable are penalties based on fact - such as illegal forward passes, pass interference calls involving a tipped ball, too many players on the field, etc. I wouldn't mind face masks being added to the list since you can review to clearly see if a player grasped or didn't. It seems like face masks get called a fair amount of time when a players hand brushes across the mask, but no grabbing occurs. I wish that would go away.
But other than questions of fact, allowing penalties to be reviewed just results in more judgment (good and poor). The refs that made that terrible call should be disciplined since it was clearly a garbage call. But the whole concept of penalty review opens up a can of worms that's not worth dealing with.