The credibility of the Premier League dies with any points deduction. That will corrode support for the competition and set up very uncomfortable precedents that - in marketing speak - will "seriously damage the brand" in time.
Regardless, it's essential we can get as far away from the bottom three before any punishment - if that is the outcome - can be announced. The optics of deducting 12 points from a team, say, 10 points clear of the relegation zone look very bad indeed for the League. It will appear spiteful and will surely be subject to all manner of legal appeal. It's imperative we can say we would have been well safe without a points deduction. Kicking the dog while it's down is easier. But plunging an upwardly-mobile side back into the mire is more difficult from a PR perspective...