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Fleet Captain
The Federation - and the klingons and the romulans - didn't take "punitive" action against the founders because the Dominion only retreated from the alpha/beta quadrants - it was not completely defeated; not even close.
The Dominion's industrial/military base was located primarily in the gamma quadrant, and, unlike the federation's (and the klingons' and romulans'), it was not affected by a major war.
Punishing the founders meant invading the gamma quadrant and starting a war even more savage than the dominion war - a war the federation alliance was likely to loose.
Simply put, the founders have too much power to be "punished".
The Dominion's industrial/military base was located primarily in the gamma quadrant, and, unlike the federation's (and the klingons' and romulans'), it was not affected by a major war.
Punishing the founders meant invading the gamma quadrant and starting a war even more savage than the dominion war - a war the federation alliance was likely to loose.
Simply put, the founders have too much power to be "punished".