Perhaps you are some great big chief, who has a lot to say.Specialized sense "to hit with the fist" first recorded 1520s. Compare Latin pugnare "to fight with the fists," from a root meaning "to pierce, sting." In English this was probably influenced by punish; "punch" or "punsch" for "punish" is found in documents from 14c.-15c.:
Who lords it o'er the common herd who chance to come your way;
Well, here is where your arrogance gets a dreadful shock,
When you march up, like a private, salute, and PUNCH THE CLOCK.
[from "Punch the Clock," by "The Skipper," "The Commercial Telegraphers' Journal," May 1912]
punchyth me, Lorde, and spare my blyssyd wyff Anne. [Coventry Mystery Plays, late 15c.]To punch (someone) out "beat up" is from 1971.