If you can't customize the Course Setup Checklist for an institution, and thus it becomes an irrelevant use of UI real-estate and an option that crushes the dreams of every panda.
Kudos and Beefs
Import Content: This one is merely OK. The way this is written, this is only relevant to new users of Canvas. Some users will be copying content. As well, not every instructor has content to import. Also, the text says "If you've been using another course management system, you probably have stuff in there that you're going to want moved over to Canvas."... TL:DR. NO! How many instructors have an IMSCC package kicking around?
Add Course Assignments. Yes, absolutely.But may be out of sequence. See my next comment.
Edit Course Syllabus. This option is ABSENT in the list. Why? Most of our instructors have one at the ready: it's their "contract" with the student as to what to expect in the course, and it doesn't get a mention. SAD PANDAS.
Add Students to the Course. What? Don't most Canvas institutions have SIS integration? Faculty or instructors don't add students. Maybe they do at some institutions for internal training, but this option should be removable based on the organization account structure. PANDAS ARE CRYING.
Add Files. Mkay. Files are a necessary evil. But Modules and Pages are better: to link directly to relevant files. Pandas nodding in agreement, but there could be some work here to help educate instructors about not relying on Files as the only way to deliver content.
Add Navigation Links. Fine, but like, what happened to the course syllabus? Pandas still haven't got over that one.
Add Course Home Page. Absolutely! Probably one of the more important options, and often overlooked.
Add Course Calendar Events. Sure. Organization is good and important. Pandas eating bamboo now.
Add TAs to the course. Sure. But not always specifically TAs alone: maybe observers for users with accessibility needs deserves a mention. And this is not relevant to K-12
(MISSING) Interactivity: But wait? What about interactivity like Quizzes and Discussions? What about an "Introduce yourself" discussion?
The Course Setup Checklist should be customized and controlled on a per organization account: so if you have one part of your organization that follows one set of practices, and then another one that has extra required steps for compliance, you can throw it in there.
With your help, we can unsad the pandas today.
Comments from Instructure
April 2017 update
If you're interested in this idea, you may be interested in exploring the New Instructor Tutorials announced in the Canvas Beta Release Notes (2017-04-10). They do not allow for the customizations suggested in the original idea here, however they do address some of the issues presented.