Is two weeks notice a requirement

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Yes - great movie.

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There’s the 13th amendment so it’s not a requirement but a generally accepted professional courtesy

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Nope

Nope

Any potential penalties or repercussions for giving only one week

Not necessarily if you read your employee contract, but generally frowned upon if you plan on maintaining professional relationships with any of the people. You never know what circumstances you find yourself in where you might need a reference or someone’s contacts and they don’t want to help you because you burned bridges.

Only if you don’t feel like rage quitting

Fair enough :)

Is it that bad?

Any need to give*longer* than two weeks if you're solo on a new project?

That would be a courtesy unless your contract somehow requires more than 2 weeks. Occasionally I see people give more than 2 weeks and if they’re essential to the project the transition is allowed to take longer but generally anything more than two weeks isn’t necessary.

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