I think it probably also depends on what the hazing entails - making the newbys complete some miserable gruelling physical activity followed by everyone getting drunk together - probably pretty damn good bonding. The new people have done something unpleasant and demonstrated a level of commitment to the cause, and then everyone has cut loose together showing some vulnerability (from intoxication) within each others company - that really will bond people.

If your hazing is forcing new people to get really drunk and then sexual abusing them (which is what a lot of American college hazings seem to be)- I don’t think that’s good (on any level). It may have some bonding affect for the perpetrators but for the victims? I’m not sure. Maybe when they turn perpetrators the following year they would get a delayed bonding affect? Either way that’s not good.