I'll go ahead and be controversial...
Yes, I do think he should be punished. There will probably be a push from a prosecutor for mega fines, confiscation, jail time, etc. His lawyer will probably push back and he'll just get a mega fine that will equal the cost of the prosecutors time, etc. In the end, his insurance company and lawyer will be the real winners.
What do I think should really happen? Well, screwing the guy's life up is rather counterproductive. Assuming he's not the son of royalty or a trust fund baby, he's probably an earner who doesn't spend his days protesting and whining. Frankly, I'm also happy to see a 30 y/o who lives in the real world and enjoys horsepower. My 160 MPH blast was in the desert, (pop. 0) but just as illegal and on range land, thus a 2,000 steer could have theoretically walked onto this two lane blacktop.
If I were the judge, I'd give the guy the speeding fine (not more than $2500; I don't know the Indiana law) then require X number hours community service riding with an EMS crew on holidays/weekends mopping up accident scenes and a couple years probation with the threat of jail/fine if he gets caught again. Oh yeah, no points just as an F-U to the insurance company.
Done.