Not really, if the Cardassians were the local Panamians. You'd need at least three centuries of complacency to lose your lead and your astropolitically advantageous position in such a case.
"The Wounded" did show that Cardassian warships were made of cardboard, and that few in the UFP (or even Starfleet) had as much as heard of these bad guys being bad. If anything, the UFP would have gained a strategic advantage from ignoring these upstarts, thus denying them the status of "my enemy's enemy" amongst the other UFP two-penny enemies. And if the threat did increase, the Cardassians would nicely serve as an interstellar example when Starfleet easily defeated them with one shuttlecraft. Just as happened in "Chain of Command".