A temporary punishment, or, metaphorically, a similar setback (e.g., loss of control, embarrassment, etc.)
Florida, Michigan seek exit from Democratic penalty box.
An enclosed bench where a player must remain for timed period (a penalty) that is assessed after an infraction
Both players got to cool their heels for five minutes in their respective penalty boxes after the fight.
In ice hockey, the penalty box is an area in which players who have broken a rule have to sit for a period of time. An area to the side of an ice-hockey rink in which penalized players wait out the time of their penalties