Some opponents of the Covenant rip it because it is 'punitive'. Some proponents of the Covenant (myself included) prefer to emphasise the disciplinary possibilities of the Covenant: that is the ability of the Covenant to enable the Communion to insist on limits to diversity, consequences for moving too far or too fast in respect of matters of common life, all with a view to better learning what it means to be a Christian within the life of the Communion. But even such a considered perspective on being a disciple of Christ is opposed. 'Discipline' as well as 'punishment' can be made to sound like very bad things which Anglicans in particular should have as little to do with as possible.
The simple fact is that Anglicans do discipline each other, do understand that some things are intolerable in the conduct of Anglicans, and do hold to standards of behaviour and belief for which there are consequences if an infraction occurs.
Even an Anglican bishop can be disciplined, believe it or not. +Pete Broadbent, much reported around the world, as noted in posts below, has said things about the Royal Family which are intolerable and (IMHO) inaccurate and unfair. Despite apologising, he is now suspended* from his ministry according to this report in which a letter from the Bishop of London is published.
The question is not whether we are capable of discipline, or whether the will to discipline lies in our corporate Anglican character. We are and it does. The question is what we consider to be the line beyond which discipline lies and behind which it does not.
*Legally he has not been suspended as that would require a specific process according to church law, but the bishop's letter says, 'I have asked him to withdraw from public ministry until further notice.' That, practically, is suspension.