Arguably, cards like Hard Evidence, Thraben Inspector, and Novice Inspector fulfill a similar role, but they require more mana investment in the long run
Honestly, when I think of Punishing Fire in the context of current Modern, it's either laughable (against Primeval Titan, control, Crashing Footfalls, 3/3 Dragon's Rage Channeler, reanimated Archon of Cruelty, etc.) or potentially even a positive, as a repeatable answer for the repeatable cheap threats from various Lurrus of the Dream-Den decks
He comes back later in the game, but you fight him early on
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