The problem with speed bumps is that the level of annoyance is drastically higher for the already-slow prudent driver in a reasonable vehicle, compared to the lackadaisical latently-fast driver in an oversized monster SUV. So most of the intended targets get punished with "wow that was bouncy lol!" while the collateral damage gets comically slow crawling and/or frame damage. Speed bumps also draw the attention of drivers towards focusing on the obstacle, and away from staying alert for pedestrians.

I just had an experience with a parking lot (at a place generally full of kids), that had added a horrible speed bump at the entrance and then removed it a few months later. As far as I know there was no problem with people speeding in the lot, it was likely just some busybody trying to make things "better". Thankfully someone more in charge saw the light of reason.