While what you say has some merit, it's easier to punish a club with deductions, embargo etc than it is to punish the owners. A prime example of that was SWFC v EFL 2019 although the EFL played an important part in that mess.
Interesting test case and one to watch is Birmingham. Charged with receiving unauthorised funding and or control by Maxco earlier this season- a big case still rumbling on in the background is whether a Cambodian diplomat has secretly controlled/owned them from 2016 if not longer. I expect Birmingham would get absolutely hammered in the case of the 2nd but maybe it would dislodge their owners too.
The Championship side were charged with multiple counts of misconduct by the EFL, who also concluded ‘a number of individuals’ broke regulations
www.theguardian.com
As to owners taking the rap, perhaps the Independent Regulator would see this kick in down the line.