What makes an activity team building as opposed to just an activity? Some activities are individual, others require a team to make it happen.
Social team bonding is at the core of the team building activity. Groups have a positive shared experience and this bonds them into a team. The best events have a lasting effect, with recalled memories and photos to remind people of the fun that they had.
Some activities, for example bungee jumping and even high ropes, can be divisive - splitting the team into those who enjoy heights and those who don't. A good team building activity will appeal to as many in the team as possible. There are plenty of activities that will appeal to everyone.