It’s not even a financial penalty. The idea is to not be used for a means of discipline.
This bail is only used in order to ensure that defendants appear at their trial, as well as any other pre-trial hearings they may be required to. Bail is returned to defendants when the trial finished. Sometimes, this is with a reduced processing fee in some states.
The magistrate or judge could admit defendants to release on their own recognizance (without the requirement of paying an amount) in the event that they promise to attending all hearings as well as trials.
If the defendant has a solid profession, is a resident of the locality, or factors that suggest they would not run, this is frequently done.
If a defendant cannot pay for the bond it is possible to arrange release through a bondsman for a variety of states, though not in every state. In exchange, the bail person must guarantee all of the money to the judge in the event the defendant fails to appear.
This video will explain bail as well as the individuals who benefit.