I would like to suggest a thought experiment:
Consider an electrical system in a building where _all_ conduit, enclosures, etc. are correctly bonded together using suitable bonding conductors, but where all such hardware is mounted upon insulating material, with absolutely no galvanic connection between any of the bonded metal and any soil. The electrical system neutral is connected to all of this bonded metal, but again _no_ connection is made to soil.
During normal operation, what is the voltage between the bonded metal and the soil?
During a fault at a piece of equipment distant from the supply transformer, what is the voltage between the bonded metal at the location of the faulting equipment and the soil? Does it make a difference if the fault is solid (bolted) or if it is a high impedance fault? What about if it is a re-striking fault?
Now add a grounding electrode to this system, connected via a suitable conductor to the neutral of the supply transformer. There are _no_ other connections to the soil, other than at the supply transformer.
Do the answers to the above questions change?
My answers below; think about this and then tell me where you think I've gotten it wrong:
1) With no connection between the bonded metal and soil, the voltage between the bonded metal and soil is unstable, and might be quite high (think static charging, eg. by wind), capacitive coupling, etc. Depending upon the size of the system or the level of charging currents, there may be considerable shock potential between the bonded metal and soil; consider for example the shock potential between a hovering helicopter and someone standing on the ground.
2) In a fault condition, current will flow on the bonded metal system, causing a voltage difference between the different parts of the bonded metal system. There may be shock potential between the different parts of the system. Someone coming in contact with the bonded metal at the point of the fault and with soil might experience shock as described in 1), but would experience no shock potential from the fault.
3) A high impedance fault would reduce the current flowing through the bonded metal system, and thus reduce the voltage imposed at the point of the fault.
4) With a earthing connection between the system neutral, the bonded metal, and an earth electrode, then the voltage between the bonded metal and the soil around the earth electrode is reduced to zero. For low current charging sources, the voltage placed on the earth electrode is very slight, and from any point on the bonded metal to any local soil, the voltage is effectively zero.
5) During a fault condition, current is flowing through the bonded metal system, causing a voltage difference between the different parts of the bonded metal system. There may be shock potential between the different parts of the system. Someone coming in contact with the bonded metal at the point of the fault and with soil would experience shock potential because they would form a circuit that includes the voltage drop through the bonded metal system, the earth electrode, and their direct contact with the soil.
6) Impedance in the fault would reduce the current flowing through the bonded metal system, and thus reduce the shock potential between the bonded metal at the point of fault and other bonded metal or the soil.
In all the above cases, what clears the fault is the short circuit current path caused by the intentional connection between bonded metal and transformer neutral. The earth electrode has nothing to do with this fault clearance.
In the above, the earth electrode reduces the shock hazard caused by high impedance external sources, but actually _increases_ the shock hazard associated with faults in the electrical system.
-Jon