Maybe that means that Spidey and Punisher don't work as a team-up?
It might depend of the characterization, but I've gathered that Wolverine is closer to the soldier, the person who uses lethal force when everything else fails. The Punisher is a serial killer. (Besides, the key thing about Wolverine is that he's trying to rise above his worse characteristics. The Punisher murders people as his only purpose in life, making him no better than Sabretooth.)