When I read contemporary theories of sexual ethics, they all seem to boil down

When I read contemporary theories of sexual ethics, they all seem to boil down

Sex

When I read contemporary theories of sexual ethics, they all seem to boil down to "if it's consensual, it's okay." I'm not religious, but this sounds awfully reductionist to me. Isn't there more to sex than just pleasure and emotional bonding? I could go hiking with a woman and that would be pleasurable and bonding. Are there any significant differences between sex and hiking? Or am I appealing to a baseless intuition?

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