In the Star Trek: Next Generation Technical Manual, it is mentioned that the Bridge module is replaceable. This makes a case for why the bridge should be where it is.
The problems with this placement are clear, but we also see that unshielded starships are extremely vulnerable. If an enemy wanted to destroy your ship, they would be better served by targeting the reactor. If they wanted to kill the bridge crew specifically, they could always beam them out into space, no matter where the bridge was located.